FCA makes it easier for people to compare bank accounts

FCA makes it easier for people explained by professional Forex trading experts the “FCA makes it easier for people” FX trading team.

FCA makes it easier for people

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.

The new information will help customers, comparison websites and the media to make meaningful comparisons of the services different current account providers offer. By encouraging competition it is expected that the new rules will mean providers will improve their service and performance.

Under the new rules, customers will be able to find:

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

The Consultation Paper also looked at introducing rules requiring publication of service metrics related to how long it takes to arrange to use powers of attorney. Following the feedback received, the FCA welcomes the industry’s agreement to coordinate the development of a voluntary industry agreement on vulnerability.

FCA makes it easier for people Conclusion

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