FCA personal and business current account comparison rules come into force

New FCA rules requiring banks to publish information about personal and business current accounts came into force on 15 August 2018.  The new rules cover standing data relating to account opening and service availability and major incident metrics.

Further rules will require firms to publish information about account opening and debit card replacement from 15 February 2019; in order to do so, firms will need to start recording and collating this data from 1 October 2018.

The CMA is also requiring banks to publish information on how likely their customers would be to recommend their bank and its services to others.

The new rules and requirements are part of the work being done by the FCA and the CMA to promote effective competition in the bank accounts market.


Roseyna Jahangir