Last year, the Financial Conduct Authority (FCA) set out how the main current account providers in the UK were publishing better information about the services they offer to consumers and to small businesses, and how far their customers recommend them. Today sees the publication of the complete set of comparable data from firms, which includes both updated information and new data.
The FCA required firms to publish new data showing how long it takes each firm to open a current account for new customers, and how long it takes them to replace customers’ debit cards. This data is published today, and can be found here.
Firms are also publishing updated information on major operational and security incidents that they have reported. Under a voluntary industry agreement, they also continue to publish information on the services that they provide to vulnerable consumers.
This data forms part of a package with the updated Competition and Markets Authority (CMA)-mandated survey of consumers’ and small businesses’ views on their current account provider’s services and our continuing requirement for firms to publish details of how and when they can be contacted. The package is to help consumers and small businesses find the right service for them, get the most out of it, and get help if things go wrong. It will also help others such as comparison services and the media to compare current accounts.