TrustMark launches panel to assess financial protection for consumers
TrustMark, the Government Endorsed Quality scheme, has created a new Financial Protection Panel of independent experts and industry representatives to assess the financial protection available to consumers looking to choose any home improvements and similar work.
The organisation says: “The panel aims to provide reassurance to consumers that if they use a TrustMark Registered Business they will have the correct financial protection mechanisms in place, such as insurance backed guarantees and warranties, that will protect prepayments, deposits, post completion workmanship, rectification of defects or major damage and non-compliance with Building Regulations as a minimum.”
Chaired by TrustMark’s Non-Executive Finance Protection Director, Lynn Hugo, pictured, the Finance Protection Panel consists of the ‘Finance Protection Oversight Panel’ and the ‘Industry Assessment Panel’
The Finance Protection Oversight Panel is made up of senior industry experts in regulation, insurance, finance, consumer protection and legal, who will appraise and validate the different financial protection policies from the TrustMark Scheme Providers to ensure they are providing fair terms without consumer detriment and abide by the Consumer Rights Act 2015.
Supporting this panel, the Industry Assessment Panel is a representation of TrustMark Scheme Providers, who will review and focus on each of the financial provider policies to ensure they are all offering a robust and impartial method of financial protection for use within their schemes.
Lynn Hugo, said: “The Financial Protection Panel is a collaborative approach from the industry to provide the consumer with optimal protection for any work they choose to have carried out by a TrustMark Registered Business. We will only accept financial protection schemes that have been through rigorous approval and meet the TrustMark Framework Requirements and appropriate standard of financial protection.”
A register of verified financial protection schemes will be published by TrustMark and be publicly available for consumers and businesses on the TrustMark website under ‘Services’ heading. All works carried out in and around the home will have financial protection as required by the Framework Operating Requirements including all energy efficiency improvements, and have a duration cover of a minimum of two years, with the exception of certain energy efficient measures that will require a minimum of 25 years.
The Financial Protection Panel is one of three councils being developed to support the TrustMark Board with the strategic direction of the organisation, as well as providing strong collaborations and developments to serve the industry and consumer.