The Financial Conduct Authority (FCA) has published final rules requiring UK banks to inform customers about the amount of security and operational incidents they have been exposed to.

Under the new requirements, banks will have to publish operational and security information. Customers will now be able to find out how and when services and helplines are available; contact details for help; how long it will take to open a current account; the level of complaints made against the firm and how often that firm has had to report major operational and security incidents.

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The information that will now be made available will allow customers and comparison websites to make more informed decisions when comparing the services offered by different providers. With increased competition, providers will work to improve their services and business models.

Christopher Woolard, executive director of strategy and competition at FCA, said: “We want to see current account providers competing hard for their customers’ business by offering better service, alongside competition on interest and charges. These rules will help people see how their bank compares to others so they can choose an account that suits their needs.”

Eric Leenders, managing director of personal finance at UK Finance, stated: “Like the FCA, we want to see effective competition so these steps are a welcome development. Making it easier for consumers and businesses to compare the quality of service offered by different current account providers is a great way to encourage customers to shop around.”

 

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