Opting for ethically sound banking products does not have to compromise the quality of service received by the consumer, according to an industry observer.
A spokesperson from the research provider said that those shopping around for ethical banking products should consider more aspects than widely known green considerations.
He said: "It's not just about 'green' issues." The Eiris spokesperson added that the core element to consider is the way in which a bank governs its own operations.
Consumers should look at how employees are treated and its equal opportunities policy, as well as how it monitors environmental impact and whether it has policies addressing responsible banking.
According to the spokesperson, there are "plenty" of banks that operate ethically and have the same standard rates.
"You don't have to compromise," he concluded.
Since 2000 it has been a law in the UK for occupational pension schemes to state whether they considered social, environmental or ethical factors when they decided which stocks to invest in.
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