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.
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?
The FCA proposes to require firms who offer personal current accounts and business current accounts to publish service information about: how long it takes to open an account and have features of the account working, including overdraft facilities how long it takes to replace a lost, stolen or stopped debit card how long it takes to give someone access to a personal current account under a power of attorney how and when customers can carry out various transactions, including making payments or cancelling a cheque, and whether 24-hour help is available, and the number and type of major operational or security incidents