FCA outlines requirements for banks to publish data on customer service

The Financial Conduct Authority (FCA) has set out proposals to require banks to publish information on the quality of customer service that they provide.

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.’

Quick Links

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2018 Blue Spire Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Contact Chichester Office

Tel: +44 (0)1243 781234
Fax: +44 (0)1243 791770
Email: chichester@bluespiregroup.com


Contact Brighton Office

Tel: +44 (0)1273 739533
Fax: +44 (0)1273 732844
Email: brighton@bluespiregroup.com

Chichester Address
Cawley Priory, South Pallant, Chichester, West Sussex PO19 1SY

Brighton Address
5th Floor Intergen House, 65-67 Western Road, Hove, East Sussex BN3 2JQ

Blue Spire Limited is Registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales C004152645. Professional indemnity insurance is provided by Royal & Sun Alliance Insurance Plc 9th Floor, One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD and its territorial coverage is worldwide (excluding United States/Canada).
Blue Spire Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. FSA register https://www.fca.org.uk/register reference 566257. This guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at customers based in the UK