15/12/2017
Making it easier to compare bank accounts (UK)
New rules published by the Financial Conduct Authority specify the information that providers of business and personal current accounts will be required to publish to enable customers, comparison websites and the media to make meaningful comparisons of the different services on offer across the marketplace.
The rules implement a key recommendation in the Competition and Market Authority’s 2016 retail banking report and take account of feedback to a more recent FCA consultation ‘Account Providers to Publish Service Data (UK)’, (CPA News, 28 July 2017). In addition to encouraging competition, the FCA anticipates they will also result in providers improving their services and performance.
The new rules, which have been confirmed in the FCA Handbook, apply to the majority of banks and building societies that accept deposits and provide payment accounts as defined by the Payment Accounts Regulations.
‘PS17/26: Information about current account services’ explains that, by 15 August 2018, these providers must publish a link to complaints data, as well as information that enables customers to find
- how and when services and helplines are available
- how often the provider has had to report major operational and security incidents
From 15 February 2019 they will additionally be required to publish information on how long it takes to open an account or replace a debit card – and in order to achieve this, they must start recording and measuring relevant times from 1 October 2018.
The July consultation also looked at introducing rules relating to how long it takes to give someone access to a personal current account under a power of attorney. Following feedback, the FCA has been able to welcome providers’ plans to coordinate the development of a voluntary industry agreement on vulnerability.
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