Financial servicesFCA facilitate the comparison of bank accounts for consumers

Today, the Financial Conduct Authority (FCA) published a final set of rules that fosters the transparency regarding the services of providers of current accounts. Accordingly, providers have to disclose information that allow customers to better compare their services. Ideally, these new rules will motivate financial service providers to improve their customer assistance and performance.

These are the central aspects:

  • The new information requirements will enable customers to make meaningful comparisons of the services different current account providers offer.
  • Such an information disclosure will allow consumers to easily review: Availability of services and helplines; contact details for help – including 24 hour helplines; duration for opening a current account or the replacement of a debit card; amount of major operational and security incidents that had to be reported; level of complaints made against the firm.

Christopher Woolard, Executive Director of Strategy and Competition at the FCA, said: “We want to see current account providers competing hard for their customers’ business by offering better service, alongside competition on interest and charges. These rules will help people see how their bank compares to others so they can choose an account that suits their needs. We are pleased that the industry is seeking to develop information about their treatment of vulnerable customers. 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.”

Source: Financial Conduct Authority (FCA)

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