27 Jul 2017
The Financial Conduct Authority (FCA) has set out proposals to require banks to publish information on the quality of customer service that they provide.
Banks may be required to outline how long it takes to open an account or replace a lost, stolen or stopped debit card.
Under the proposals, they may need to explain how long it takes for an individual to be granted access to a personal current account under a power of attorney.
The FCA also revealed that firms who offer personal current accounts could be required to outline how and when consumers can carry out different transactions, and whether 24-hour help is available.
In addition, banks may need to publish data on the number of security incidents they experience.
Christopher Woolard, Executive Director of Strategy and Competition at the FCA, said: ‘Customers tell us they think ‘all banks are the same’ and so they are discouraged from looking for current accounts offering better performance.
‘We know from our consumer research and the Competition and Markets Authority’s report that consumers and small businesses are really interested to know about the service their bank or building society offers compared to other firms.
‘These proposals represent a step forward, making it easier for consumers to judge whether their bank is offering good service and for firms to see if they are competing effectively against other providers.’