The TrustSeal is the first kitemark for sharing economy companies.
It is a set of Good Practice Principals to set out minimum standards for sharing economy businesses to ensure that they act with integrity and maintain professional standards.
In meeting these principals, businesses will be awarded with the TrustSeal to display on their own digital properties.
The TrustSeal therefore underpins the Principles in order to convey a sense of trust and good standing in the market, and with both providers and consumers of services.
The performance criteria, outlined by world-class business and sharing economy experts are assessed over 8 broad principles of good practice including:
- Identity verification
- Criminal and background checks
- Education and employment history checks
- Transparent communications
- Customer help and support
- Secure payments, clear pricing and refunds
- Insurance and guarantees
- Data protection
A new subcommittee of the Sharing Economy UK Board, the Sharing Economy UK TrustSeal Committee, is to be established to grant the TrustSeal to businesses meeting the Principles. The committee will also have the power to remove it in cases of noncompliance and will have the support of an Expert Advisory Panel.
The TrustSeal was established by Sharing Economy UK in partnership with Oxford University and SAID business school – who developed the research into what consumers and companies thought would be valuable from trust seal. PricewaterhouseCoopers also helped inform the design of the TrustSeal.