The Financial Conduct Authority has proposed rules which would require organisations offering current accounts to publish information on service levels for processes including account opening and lost/stolen cards.

Consumers

If approved, this would help consumers make a better informed decision about which organisation to bank with. Poor performance could encourage consumers to switch away from incumbent providers to better performing competitors.

Current account providers

For current account providers this serves as an opportunity to use service and ease of use as real differentiators. 

However, this will also be a great test. How quickly will current account providers be able to adapt to these changes? How agile are they?