At Onsi, we're dedicated to reshaping the landscape of financial wellbeing for workers by providing a suite of financial products that help their everyday lives. On-demand pay is a core part of this, giving workers the option to access their earnings before the end of the month. We always ensure that we do this with ethics at our core. That's why we're thrilled to announce our inclusion in the prestigious CIPP's EWA Code of Practice, solidifying our position as a leader in responsible financial services.
What is the CIPP's Code of Practice?
The CIPP's Code of Practice provides a common standard for firms providing on-demand pay to deliver good outcomes for workers. This code was developed in response to a recommendation by the Financial Conduct Authority (FCA) and aims to ensure that firms delivering this financial product uphold consumer protection principles. .
Why Onsi's Inclusion Matters
We’re on a mission to create a word of work where everyone wins. The code provides the perfect way for us to do so and reinforce our commitment to ethical business practices and consumer welfare. By adhering and aligning to the code, it means that our on-demand pay product is fair, transparent and responsible - so it’s good for business, good for workers, good for society.
What Does This Mean for Onsi Customers?
For businesses with shift and gig workers who partner with Onsi, our inclusion in the CIPP's Code of Practice assures that they are working with a trusted provider, specifically tailored to their needs. It means that our products and services are designed to meet the unique challenges faced by businesses with a flexible workforce, ensuring fair treatment and promoting financial well-being for all.
Our Commitment to Ethical On-Demand Pay
"As a financial services provider, we understand the importance of transparency and fairness in every aspect of our operations. Our inclusion in the CIPP's Code of Practice reaffirms our commitment to ethical business practices and consumer welfare," says Phil Limmer, Financial Products Lead at Onsi.
As a member of the CIPP's Code of Practice, Onsi is committed to upholding the following principles:
Product design and value: Firms will design EWA products and services that meet the needs of employees and provide fair value to consumers.
Communicating with consumers: Firms will communicate with consumers in a way that is clear, fair, and not misleading; allowing consumers to make informed decisions.
Vulnerability: Firms will act to deliver good outcomes and consistently fair treatment to vulnerable consumers in relation to the EWA products
Ongoing consumer support: Firms will support consumers to realise the benefits of EWA products and services in pursuit of their financial objectives.
Product governance: Firms will continuously manage EWA products and identify where products no longer provide fair value or meet consumer needs.
Oversight and measuring outcomes: Firms will monitor the outcomes that they are delivering to consumers through appropriate management information.
Appropriate consumer relationships and conflicts of interest: Firms will maintain appropriate consumer relationships and avoid conflicts of interest that lead to consumer harm.
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.
Assurance: Firms will commit to annually assuring that they meet the measures outlined within the code and deliver good outcomes for consumers.
At Onsi, we believe in the future of ethical earned wage access. By adhering to the CIPP's EWA Code of Practice, we're leading the way in promoting responsible financial practices and empowering businesses with shift and gig workers to achieve their financial goals.
