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

Former_MSE_Rosie

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...

Read the full story:
'Banks to be forced to publish service data under new plans from regulator'

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robin58

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.

eskbanker

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: cp17-24@fca.org.uk