FCA has published its final rules to require personal and business current account providers to publish information that will help comparison of services from different providers. The rules, which will create a new chapter in BCOBS, require providers to publish details of:
- services, helplines and their availability
- contact details for help, including 24 hour helplines
- time needed to open a current account
- time needed to replace a debit card
- number of reports made by the firm about major operational and security incidents
- level of complaints against the firm
The rules are designed to capture all “typical” current accounts, but not “premium service accounts”. The industry has convinced FCA it is not necessary for FCA to introduce rules on how long it takes to arrange to use powers of attorney, and it will instead work on an industry agreement on vulnerable customers.
The new rules take effect in respect of services and helplines, and of operational and security incidents, on 15 August 2018 and otherwise from February 2019.