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New disclosure of banks’ service standards should give consumers all the information they need to make an informed switch

12 December 2017

GoCompare Consumer Advocate, Georgie Frost, comments on final FCA rules for banks

The Financial Conduct Authority (FCA) has today published final rules which will require providers of personal current accounts and business current accounts to publish information that will help customers to compare the service they could receive from different providers.

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 will take to open a current account
  • How long it will take to have a debit card replaced
  • How often the firm has had to report major operational and security incidents
  • The level of complaints made against the firm

Georgie Frost, consumer advocate at GoCompare, comments on the new rules:

“This is good news for consumers, many of whom don't switch because they think all banks and bank accounts are much of a muchness and there’s no point moving. Now we can check our banks for the things that matter, especially their performance when something goes wrong like when you have a complaint, or your card gets stolen or lost and you need a new one quickly.

“This information, combined with a full comparison of the best accounts to suit your actual usage using GoCompare, the only price comparison website to offer the personalised ‘midata’ service, should arm consumers with all the information they need to make a well-informed choice.

“Hopefully this will also encourage those banks who have taken their customers for granted for too long, to sort themselves out and push up standards across the board.”

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