Yorkshire BS named Most Trusted Financial Provider
Yorkshire Building Society has been named Britain’s Most Trusted Financial Provider for the first time in the five year history of the awards.
The prize was awarded at the Moneywise Customer Service Awards ceremony in London on 13 June 2013.
The annual awards, now in their fifth year, are based on research conducted by Moneywise that compares the opinion of over 20,000 British consumers, about the service they receive from the companies that provide them with financial products. The survey also asks them which are the ones they trust most to look after their interests.
Its customers told Moneywise that YBS is an ethical organisation that looks after its customers by not treating them simply as opportunities for profit, but as people. With big wins elsewhere on the night for Smile, Nationwide Building Society, Coventry Building Society, NFU Mutual, Zopa and Benenden Health - the awards signal a subtle shift away from the major high street banks to mutual and smaller organisations.
A typical YBS customer said: “They actually take the time to understand and resolve my issue/requests fully and comprehensively…in short they really do care...I also feel like a valued customer rather than someone who is just a profit opportunity.”
YBS fought off competition for the biggest prize of the night from Coventry Building Society, First Direct, Nationwide Building Society, Smile and The Co-operative Bank.
Nationwide won two awards: Most Trusted Travel Insurance Provider and Most Consistent Financial Provider.
NatWest was named the Most Trusted Mainstream Bank – an award that indicates its customers have forgiven the bank for its high-profile IT problems of 2012 – while First State won Most Trusted Fund Manager.
FOR A FULL LIST OF THIS YEAR'S WINNERS, VISIT OUR AWARDS PAGE.
An individual employed by an institution to manage an investment fund (unit trust, investment trust, pension fund or hedge fund) to meet pre-determined objectives (usually to generate capital growth or maximise income) in prescribed geographic areas or investment sectors (such as UK smaller companies, technology or commodities). The manager also carries the responsibility for general fund supervision, as well as monitoring the daily trading activity and also developing investment strategies to manage the risk profile of the fund.
An account opened with a clearing bank (few building societies offer current accounts) that provides the ability to draw cash (usually via a debit card) or cheques from the account. Some pay fairly minimal rates of interest if the account is in credit. Most current accounts insist your monthly income (salary or pension) is paid directly in each month and they offer a number of optional services – such as overdrafts and charge cards – which are negotiable but will incur fees.
Used by the holder to buy goods and services, credit cards also have a monthly or annual spending limit, which may be raised or lowered depending on the creditworthiness of the cardholder. But unlike charge cards, borrowers aren’t forced to pay the balance off in full every month and, as long as they make a stated minimum payment, can carry a balance from one month to the next, generating compound interest. As the issuing company is effectively giving you a short-term loan, most credit cards have variable and relatively high interest rates. Allowing the interest to compound for too long may result in dire financial straits.
This is a mutual organisation owned by its members and not by shareholders. These societies offer a range of financial services but have historically concentrated on taking deposits from savers and lending the money to borrowers as mortgages, hence the name. In the mid-1990s many societies “demutualised” and became banks. One academic study (Heffernan, 2003) found demutualised societies’ pricing on deposits and mortgages was more favourable to shareholders than to customers, with the remaining mutual building societies offering consistently better rates. In 1900, there were 2,286 building societies in the UK; in 2011, there are just 51.