Earned Wage Access Code of Conduct

Income Group is excited to have partnered with eight of the UK’s leading providers of Earned Wage Access (EWA) and the Chartered Institute of Payroll Professionals (CIPP) to share a new industry standard Code of Practice for EWA. Written in response to a recommendation from the Financial Conduct Authority (FCA), the Earned Wage Access Code of Conduct sets the common standard for businesses providing EWA products to deliver good consumer outcomes.

Income Group prides itself on being an ethical provider of Earned Wage Access. We can support businesses in demonstrating a positive return on investment by bearing the small, per employee charge to enable our service to be completely free to the end user, unlike other EWA providers.

We suggest that businesses looking to implement an EWA service for their employees only use providers adhering to the Earned Wage Access Code of Conduct and its assurance framework. Companies considering implementing EWA should read the Code to understand what providers can and should be doing to deliver good consumer outcomes.

Commitments of the code:

  1.   Product Design and Value: Firms will design EWA products and services that meet the needs of employees and provide fair value to consumers.
  2.   Communicating with Consumers: Firms will communicate with consumers in a way that is clear, fair, and not misleading; allowing consumers to make informed decisions.
  3.   Vulnerability: Firms will act to deliver good outcomes and consistently fair treatment to vulnerable consumers in relation to the EWA products.
  4.   Ongoing Consumer Support: Firms will support consumers to realise the benefits of EWA products and services in pursuit of their financial objectives.
  5.   Product Governance: Firms will continuously manage EWA products and identify where products no longer provide fair value or meet consumer needs.
  6.   Oversight and Measuring Outcomes: Firms will monitor the outcomes that they are delivering to consumers through appropriate management information.
  7.   Appropriate Consumer Relationships and Conflicts of Interest: Firms will maintain appropriate consumer relationships and avoid conflicts of interest which lead to consumer harm.
  8.   Training and Competency: Firms will train staff to provide suitable service and support to consumers. Staff will feel comfortable in the roles they take on.
  9.   Assurance: Firms will commit to annually assuring that they meet the measures outlined within the Code and deliver good outcomes for consumers.
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