UK Launches Earned Wage Access Code of Practice
4 million UK workers now have access to On-Demand Pay, with more than 1 in 10 employers offering it as a staff benefit.
In response to this increasing popularity, the Financial Conduct Authority (FCA) advised the leading providers to come together and create a Code of Practice. The aim was to create a benchmark for good practice, as well as a list of high-quality providers for potential buyers.
Today, we are proud to announce the launch of this code. Over the last few months Level, in partnership with six competitors and key industry bodies like the Chartered Institute of Payroll Professionals (CIPP) & the Money and Pensions Service (MaPS), has been working hard on its creation.
You can learn more about the code, and download a copy, by visiting the CIPP’s website here: https://www.cipp.org.uk/ewa-code.
In their report, the FCA notes that “employers should be encouraged to only contract with (EWA) providers adhering to this code.”
Speaking at the start of National Payroll Week, Jason Davenport, chief executive of the CIPP, said:
“EWA is a very hot topic in the payroll industry at the moment, so the CIPP is delighted to join forces with these organisations.”
Stephen Holliday, Level’s CEO and founder said:
“We are proud to have come together and partnered with key regulators and industry bodies to ensure Earned Wage Access is delivered at the highest standard. I hope many more employers will now feel confident joining the likes of the NHS & Tesco in supporting their staff with this benefit.”
