We are confirming changes to the Handbook to require providers of personal current accounts (PCAs) and business current accounts (BCAs) 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. 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
By encouraging competition providers should be incentivised to improve their service and performance.
Who this applies to
The handbook changes affect 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
The rules will come into force on 15 August 2018. On this date, current account providers will be required to publish information on service availability, helplines, and numbers of operational and security incidents. They will have to publish a link to complaints data. From 15 February 2019, firms will also be required to publish account opening and debit card replacement metrics. To publish these metrics from this date, firms will need to start recording and measuring the time taken to open accounts and to replace a debit card from 1 October 2018.