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finance: tailored ethical products and services
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- Finance: Tailored Ethical Products and Services
- Launch a new banking and insurance package for Resident Management Companies. TARGET ACHIEVED
- Launch a pilot of PayPoint for Credit Unions for London based Credit Unions. ACCEPTABLE PROGRESS
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performance
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Existing Products and Services
| Personali |
| Cashminder (basic bank account) |
| Amnesty International (UK) Visa credit cardiii |
Oxfam Visa credit cardiii |
| Barnardo's Visa credit cardiii |
Save the Children Visa credit cardiii |
| Children's Aid Direct Visa credit cardiii |
Tearfund Visa credit cardiii |
| Help the Aged Visa credit cardiii |
The Hospice Movement Visa credit cardiii |
| Corporateii |
| Charities Sector Banking Servicesv |
Community Directvi |
| Public Sector & Community Banking
Services (including Co-operatives Direct, Football Direct, Housing Co-operatives, PayPoint & Positive Pay)vii |
New and Forthcoming Products and Services 2001/02
| Personali |
| ActionAid Visa credit cardiii |
smile invest funds supermarketiv |
| Guaranteed Stock Market Bond |
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| Corporateii |
| Resident Management Companiesiii |
Leisure Trusts |
| PayPoint for Credit Unions |
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- www.co-operativebank.co.uk/personal
- www.co-operativebank.co.uk/business
- www.co-operativebank.co.uk/personal/visa_affinity.html
- www.smileinvest.co.uk
- www.co-operativebank.co.uk/business/business_charities_sector.html
- www.co-operativebank.co.uk/business/business_community_direct.html
- www.co-operativebank.co.uk/business/business_public_sector.html
To follow any of the links mentioned within the Partnership Report 2001, please visit the links page.
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commentary
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Products and services During 2001 and early 2002, the
following products and services were introduced or
significantly enhanced:
- ActionAid Visa credit card In August 2001, the bank
launched a new Visa credit card with ActionAid, its latest
affinity partner.
- Guaranteed Stock Market Bond In January 2002, the bank
launched a five-year stockmarket deposit bond, the first
ever to be linked to the FTSE4Good Indexi of leading UK
companies meeting FTSE's requirements on corporate
social responsibility. It provides depositors with a return of
up to 66% over five years, with no capital risk. FTSE4Good
selection criteria cover the following three areas: working
towards environmental sustainability; developing positive
relationships with stakeholders; and upholding and
supporting universal human rights. The bank's Chief
Executive, Mervyn Pedelty, chairs the FTSE4Good Advisory
Committee.
- smile invest funds supermarketii
A new service offered by Co-operative Bank Financial Advisers Ltd (CBFA) gives
smile customers preferred access to FundsNetwork, an
investment supermarket from Fidelity Investments. A socially
responsible fund package is offered.
- Resident Management Companies In March 2001, the
Minister for Housing launched the publication, 'New Deals
for Leaseholders', offering mutual solutions for commonhold
and leasehold reform. There are currently 43,000 of these
Resident Management Companies registered at Companies
House. The bank has devised a tailored banking package
that offers Resident Management Companies transparency
in their banking arrangements, access to lending facilities at
competitive rates for development purposes and a range of
discounted insurance products.
- Leisure Trusts An increasing number of local authorities have
decided to transfer the operation of their leisure facilities to
separate management companies. Many of these new
organisations are established as 'non-profit distributing'
trusts. The bank commissioned a report to identify the key
issues faced by Leisure Trusts and used this knowledge to
introduce a tailored banking package. The bank offers
Leisure Trusts a range of services, from current accounts
and electronic banking to payroll and administration.
- PayPoint for Credit Unions The bank's partnership with
PayPoint Limited provides a service that allows individuals to
make cash payments at local PayPoint agents using a
plastic card. The service provides local authorities and
housing associations with a cost-effective and fully
automated payment system for collecting cash payments
within Great Britain. A pilot of this payment system by
members of London based credit unions is scheduled to
proceed in early 2002. There is potential, in partnership with
the Association of British Credit Unions Limited (ABCUL), to
extend the concept to the credit union movement nationally.
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- www.ftse4good.com
- www.smileinvest.co.uk
To follow any of the links mentioned within the Partnership Report 2001, please visit the links page.
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new targets
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- Develop a banking package to assist community empowerment in social housing.
David Dunn, Senior Manager, Public Sector and Community Development
- Increase the emphasis on ethical funds within smile's funds supermarket.
Bob Head, Chief Executive, smile
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