FCA makes it easier for people to compare bank accounts

[Legal Beagles]

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.

https://www.fca.org.uk/news/press-re...-bank-accounts

[EXC]

Re: FCA makes it easier for people to compare bank accounts

....but nothing about how to compare charges & fees.

• 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

What good is this to a comparison site?

[Amethyst]

Re: FCA makes it easier for people to compare bank accounts

far more important to know how long your debit card will take to arrive .... apparently

[Amethyst]

Re: FCA makes it easier for people to compare bank accounts

Ahhh maybe that's the CMA side of things?

All agreed that standing data and major outage metrics (only) should be published
alongside the first CMA service quality data in August 2018. Industry respondents,
while seeing this timetable as feasible, requested the FCA to be mindful of delivery
risks for firms, noting that they are due to deliver an exceptionally demanding series
of regulatory changes in the first half of 2018, including ring-fencing, Open Banking,
PSD2, the General Data Protection Regulation (GDPR), monthly maximum overdraft
charges, and current account unarranged overdraft alerts. Publication of service
information using API will also require data and API standards to be written for relevant
banks during this period.

https://www.gov.uk/government/upload...order-2017.pdf

[EXC]

Re: FCA makes it easier for people to compare bank accounts

Ahhh maybe that's the CMA side of things?

https://www.gov.uk/government/upload...order-2017.pdf

I think the FCA are still looking at OD charges as part of their high cost credit study so maybe they're waiting on that.