UK regulator finally acts as compere for bank account compares
The UK’s Financial Conduct Authority (FCA) has published its final rules which will require providers of personal current accounts and business current accounts to publish information that will help customers to compare the service they could receive from different providers.
As reported in July, the FCA launched proposals to help people compare these service levels.
In its latest announcement, it reckons the new information will help customers, comparison websites and the media (err… thanks) to make “meaningful comparisons”. All this is part of the FCA’s desire to encourage competition across the land.
Under the new rules, customers will be able 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.
The consultation paper also looked at introducing rules requiring publication of service metrics related to how long it takes to arrange to use powers of attorney.
Following the feedback received, the FCA says it welcomes the industry’s agreement to coordinate the development of a voluntary industry agreement on vulnerability.