Hastee joins forces with the UK Money & Pensions Service, the CIPP, and 6 other EWA providers to launch the world’s first ‘EWA Code of Practice’
Earned Wage Access (EWA) is growing rapidly all around the world: giving employees access to their earned pay has now become a legal requirement in counties such as Spain, France, Italy and Portugal. In the UK, where Hastee was first founded, a whopping 4 million people work for an employer that offers an EWA provided by Hastee or one of its competitors.
The UK’s Financial Conduct Authority, widely accepted as one of the best financial regulators globally, has also recognised the increasing relevance of EWA: in its 2021 Woolard Review, it called for greater oversight of how employers provide it.
In response to this, Hastee has partnered with the Money & Pensions Service (an arms-length body sponsored by the UK government to deliver greater financial wellbeing), the Chartered Institute of Payroll Professionals (the UK’s leading industry body for payroll), and 6 other EWA providers to produce the world’s first ‘EWA Code of Practice’.
The Code sets out a common standard that firms providing EWA products should follow to deliver good consumer outcomes. It contains 9 key commitments for EWA providers, including rules on how to support vulnerable consumers, how to design products that deliver fair value, and how to ensure product information is communicated clearly and transparently. To be compliant with the Code, each provider must undergo a regular independent assurance assessment.
Hastee COO Clemens Moehring, who has led Hastee’s contribution to the Code, said: “We’re incredibly proud to be one of the founding members of this industry-defining Code of Practice. We hope it will become a blueprint for future EWA regulation all around the world, thereby ensuring that this sector grows in a sustainable, innovative manner delivering good outcomes for consumers.”
You can view and download the full EWA Code of Practice on the CIPP website here.