CP17/24: Information about current account services

Open consultation: CP17/24
Consultation closes
Policy Statement
Q4 2017
Q4 2017

We are consulting on proposals to require current account providers to publish information on service and performance.

Show CP17/24 (PDF)

This consultation proposes new rules that will require firms offering personal current accounts (PCA) and business current accounts (BCA) to publish information about:

  • how long it takes to open an account and have the account working, including overdraft facilities
  • how long it takes to replace a lost, stolen or stopped debit card
  • how long it takes to give someone access to a personal current account under a power of attorney
  • how and when customers can carry out transactions, including making payments or cancelling a cheque, and whether 24-hour help is available
  • the number of major operational or security incidents

We announced this work in our response to the CMA, following its investigation into retail banking. The work is in the context of wider work to review retail banking sector business models and evaluate the impact of changes on competition and conduct.

Who this applies to

This consultation affects the majority of current and potential participants in the PCA and BCA markets, particularly:

  • firms that accept deposits (banks and building societies) and provide payment accounts as defined by the Payment Accounts Regulations (typically PCAs) or BCAs that have the features of a payment account
  • organisations offering comparison services
  • organisations representing consumers
  • PCA and BCA customers

What you need to do

Please send us your comments by 25 September 2017: 

Online response form

You can also:

  • email [email protected] or
  • write to: Banking and Payments Policy, Financial Conduct Authority, 25 The North Colonnade, London E14 5HS

Next steps

After considering all feedback, we will publish a Policy Statement later this year setting out our proposed approach to final rules.

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