MSE News: Banks to be forced to publish service data under new plans from regulator

edited 26 July 2017 at 4:49PM in Budgeting & Bank Accounts
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Former_MSE_RosieFormer_MSE_Rosie Former MSE
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edited 26 July 2017 at 4:49PM in Budgeting & Bank Accounts
Consumers will soon be given a clear idea of how the services offered by banks and building societies differ, if new plans from the Financial Conduct Authority to make it easier to compare current accounts are given the go-ahead...
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'Banks to be forced to publish service data under new plans from regulator'
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Replies

  • robin58robin58 Forumite
    2.8K Posts
    Why? Personally I would rather know why they shut accounts without notice, charge ridiculous overdraft fees and how they ask you security questions about things in your life like what's your driving licence number when you never supplied that information when you applied for an account with them in the first place..

    Yet another OF... quango chasing the wrong things. As always it nodoubt will cost me somewhere down the line.
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  • eskbankereskbanker Forumite
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    robin58 wrote: »
    Why? Personally I would rather know why they shut accounts without notice, charge ridiculous overdraft fees and how they ask you security questions about things in your life like what's your driving licence number when you never supplied that information when you applied for an account with them in the first place..
    They'll shut accounts without notice if they have reasonable grounds to believe that there's suspicious activity, and it would be unreasonable to expect banks to divulge security-related information where that very act would compromise security - it's not really too hard to imagine the consequences of a league table showing Bank A with a visibly lower level of security than Bank B....

    There would be no particular benefit in knowing why they charge overdraft fees that you don't like - all banks publish their fees already so there's no need for any additional disclosure on that one.
    robin58 wrote: »
    Yet another OF... quango chasing the wrong things. As always it nodoubt will cost me somewhere down the line.
    Personally I think it's a step in the right direction, in that it increases the amount of useful data available to prospective customers. More to the point, they're quantifiable and objective measures rather than the woolly MSE poll view of service based on subjective opinions from good to bad, and hence the stated objective of
    We want to improve competition in the current account market by:

    • making it easier for customers to make informed comparisons and choose the provider that best suits their needs based on service, and

    • incentivising BCA and PCA providers to improve their service and performance

    I take it you'll be feeding back constructive comments as part of the consultation process?
    We are asking for comments on this Consultation Paper (CP) by 25 September 2017.

    You can send them to us using the form on our website at: https://www.fca.org.uk/your-fca/documents/consultation-papers/cp17-24-response-form

    Or in writing to:

    Rebecca Langford
    Banking and Payments Policy Team
    Financial Conduct Authority
    25 The North Colonnade
    Canary Wharf
    London
    E14 5HS

    Telephone: 0207 066 0532

    Email: [email protected]
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