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FCA Finalises Account Comparison Rules

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.

Copyright © 2021 Womble Bond Dickinson (US) LLP All Rights Reserved.National Law Review, Volume VII, Number 347
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About this Author

Andrew Barber, Partner, Womble
Partner

Andrew is a partner that leads the financial services team in Womble Bond Dickinson's banking and financial services team. He specialises in financial services regulation with a the largest portion of his practice focusing on retail banking and consumer finance matters.

+44 (0)207 788 2334
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