Charity Bank has won the Institute for Financial Services’ award for outstanding innovation, beating off competition from major high street banks including HSBC, RBS, Barclays and Lloyds TSB.

At the Financial Innovation Awards ceremony run by the IFS last week, Charity Bank also picked up the award for social responsibility and community banking, and was shortlisted in three more categories.

Suzanne Chadwick, chair of the judges, said the panel was impressed by Charity Bank’s “commitment to transparency, hands-on support of the businesses it lends to and its encouragement of staff to volunteer”.  

“These are just a few examples of how Charity Bank has used innovative approaches to embed its core principles throughout the organisation.”

Charity Bank’s CEO Malcolm Hayday (pictured) said it was high time that social return was taken more into account when looking at what banks offer their customers.