5 May 2016

Farnish & Thoresen join Fairer Finance's Consumer Advisory Board

Leading financial services figures will ensure consumer body does not prioritise its commercial interests ahead of its mission to create a fairer financial services market.

Otto Thoresen, the chairman of NEST, and Christine Farnish, the former chair of Consumer Focus, have joined Fairer Finance’s Consumer Advisory Board.

The Consumer Advisory Board’s role is to scrutinise the business of Fairer Finance, ensuring that the company only engages in work that is to the clear benefit of financial services consumers.

Fairer Finance was founded by consumer campaigner James Daley in March 2014, and rates banks and insurers based on what their customers think of them, how good they are at handling complaints and how transparent they are.
It funds its research and consumer campaigns by advising banks and insurers on how to be more transparent – including rewriting complex terms and conditions and helping them to improve their complaints processes.
James Daley, founder and managing director of Fairer Finance, said: “Otto and Christine are two of the most respected figures in the financial services industry – so we’re incredibly fortunate to have them be a part of Fairer Finance.
“We set up the Consumer Advisory Board so we could demonstrate that we would never put our own commercial gain ahead of our mission to create a fairer financial services industry for consumers. Christine and Otto have decades of experience sticking up for consumers, and I know they won’t shy away from asking difficult questions and keeping us focused on our mission.”
Christine Farnish and Otto Thoresen will join Adrian Coles OBE, the former head of the Building Societies Association, who joined Fairer Finance in August last year.
Commenting on her appointment, Christine Farnish said: “Most consumers find financial services baffling and navigating the market can be a minefield. Fairer Finance is on the consumers’ side and has been set up to help people make the right decisions. I'm pleased to be involved with James and his team and help make the financial market work better for consumers."
Commenting on his appointment, Otto Thoresen said: “Fairer Finance aims to make it easier for consumers to engage effectively with the financial services industry. Simpler language, independent research to support buying decisions and making sense of the complex regulation which applies to the sector. Good governance over how the organisation operates is key to it being trusted. I’m very happy to be playing a part in delivering that.”