The FCA has published final rules which will require providers of personal and business current accounts to publish information that will help customers to compare the service they could receive.
The regulator believes the new information will help customers, comparison websites and the media to make meaningful comparisons of the services different current account providers offer and encourage competition.
The new rules will allow customers to find:
• how and when services and helplines are available
• contact details for help, including for 24-hour helplines
• how long it will take to open a current account
• how long it will take to have a debit card replaced
• how often the firm has had to report major operational and security incidents
• the level of complaints made against the firm.
“We want to see current account providers competing hard for their customers' business by offering better service, alongside competition on interest and charges,” said Christopher Woolard, executive director of strategy and competition at the FCA.
“These rules will help people see how their bank compares to others, so they can choose an account that suits their needs.”
Eric Leenders, managing director of personal finance at UK Finance, added: “Like the FCA, we want to see effective competition, so these steps are a welcome development.
“Making it easier for consumers and businesses to compare the quality of service offered by different current account providers is a great way to encourage customers to shop around.”
The FCA consultation paper also looked at introducing rules requiring the publication of service metrics relating to how long it takes to arrange to use powers of attorney.
Following feedback, the FCA welcomed the industry's agreement to coordinate the development of a voluntary industry agreement on vulnerability.
“We are pleased that the industry is seeking to develop information about their treatment of vulnerable customers,” added Christopher.
“It is important that these customers are given help and support when making a decision about a bank account and this is an important step forward.”
Current account providers must publish the information on when and how services and helplines are available and numbers of operational and security incidents from 15 August 2018.
They must publish the remaining information from February 2019.
This includes account opening metrics and time taken to replace a debit card metrics.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...