Financial services with a heart? It’s practically a contradiction in terms isn’t it? Not anymore says John Mulkerrin of Quotes4Charity, the 1st Community Interest Company (CIC) to enter the most lucrative business sector of UK PLC.

 

The company have just launched their new website, and they provide help and advice with Mortgages,  Life Cover and Home Insurance products. It’s a fee free service, and every completed transaction generates a payment/commission to Quotes4Charity from the bank or insurance company in the usual manner. Now here’s the twist. Every transaction generates a donation to charity, and each client gets to decide which charity they would like to benefit.  John, who founded Quotes4Charity, reveals ‘As a CIC, our focus is on the community, rather than purely on shareholders. We think the new legislation is a massive evolution of normal company regulations, and clearly distinguishes us from our competitors. We’re proud to be the first CIC to do this and look forward to the challenges ahead”.

 

CIC legislation came into effect in July 2005, and was designed for social enterprises that want to use their profits and assets for the public good. Whilst they are easy to set up and have all the flexibility and certainty of the company form, they also have some special features such as a dividend cap and an asset lock to ensure they work for the benefit of the community. Over 1500 companies have incorporated under the fledgeling legislation, and a regulator monitors and enforces the rules.

 

With an average UK Mortgage* generating a donation in excess of £100, this social entrepreneurship may sound too good to be true, but John is sure it’s a concept that will succeed: “We believe the general public will give us the chance to win their custom, and hope to retain them with quality of service and value for money. We offer a whole of market service searching for the best mortgage and insurance deals around – and regardless of who we use, your charity will receive a valuable donation”.

 

Having worked in London and Hong Kong for some impressive multinationals, John’s 15 years sales and management experience is being put to good use. “This is a brand new way of doing things. The days of a company being able market a ‘green’ sale by giving only £2 per product sold are well and truly numbered. By keeping overheads low and distributable profits high, we will be setting a precedent that others will have to follow if they want to be credible - resulting in more profits from business going to charity. ”

 

The combination of innovation, sound business principles and genuine enthusiasm looks like a winning recipe. Who can argue with the concept of using both your head and your heart to make smart financial choices?