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
FP Show partners with Mortgage Sleep Out
The Finance Professional Show (FP Show) is lending its support to Mortgage Sleep Out, with the event hosting a number of initiatives to raise awareness and sponsorship for the charity fundraiser...
Gatehouse Bank strengthens specialist finance team
Gatehouse Bank has hired Zeenat Shaffi (pictured above) as a business development manager for its growing specialist finance team...
Close Brothers director to retire
Close Brothers Group PLC has announced that Elizabeth Lee, group head of legal and regulatory affairs, will retire from her executive director position at the end of the 2019 financial year...
Kent Reliance appoints two new senior BDMs
Kent Reliance – part of the OneSavings Bank Group – has appointed two new senior BDMs as it expands its nationwide offering...
Coutts partners with Mortgage Brain to offer products to intermediaries
Private bank Coutts has partnered with Mortgage Brain to make its products available – via the latter’s platforms – to UK intermediaries...
Charter Savings Bank launches two new accounts
Charter Savings Bank has introduced two new accounts: a 95-day notice account and a three-year fixed rate cash Isa...
FP Show reveals its largest and most diverse conference programme
The Finance Professional Show has confirmed its largest conference programme to date, hosting a selection of varied sessions throughout the event next month...
47% of SMEs prepared to move away from traditional banks
Almost half of SMEs in the UK (47%) would move to a challenger/digital bank or non-banking brand if they decided to switch, according to the latest research by Unisys Corporation...
Monese launches business account
Monese has launched a business account in the UK which will be bundled with its personal banking account...
Metro Bank provides £14m facility to support London office acquisition
Metro Bank has provided Kingsway Properties London with a £14m investment facility to support the acquisition of a five-storey office building in central London...
Tandem introduces new credit card blocking feature
Tandem has created a new card-blocking feature for its banking app which allows customers to react instantly to a misplaced card...