New rules '˜will help people see how their bank compares

Current account customers should find it easier to work out whether or not they are getting a good deal under new rules aimed at improving competition and prompting firms to raise their game.
Bank comparisonsBank comparisons
Bank comparisons

The Financial Conduct Authority (FCA) has published final rules which will help customers compare the services different current account providers offer - making it easier for them to see whether they should ditch and switch to another deal.

Banks and building societies will publish information on their own websites for comparison websites to compare.

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The rules will require personal current account and business current account providers to set out information on aspects of service such as helpline availability, complaints, security and the length of time taken to replace a card, for example.

The new information will enable accurate comparisons of the services from different providers offer - pushing providers to improve their service and performance as a result - the FCA said.

“These rules will help people see how their bank compares so they can choose an account that suits their needs,” said Christopher Woolard, executive director of strategy and competition at the FCA.

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 takes to open a current account, to have a debit card replaced, how often the firm has had to report major operational and security incidents and the level of complaints made against the firm.