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UK FCA publishes rules to help compare current account providers

The U.K. Financial Conduct Authority published rules for firms offering current account services that are designed to help customers make meaningful comparisons between different providers.

Under the new rules, banks are required to publish information on how and when services and helplines are available; contact details for help, including 24-hour helplines; how long it takes to open an account; how long it takes to get a debit card replaced; how often has the firm had to report major operational and security incidents; and the level of complaints against the bank.

The new rules will help customers, comparison websites and media compare different service providers, and by encouraging competition, the rules are expected to improve service and performance of the providers, the FCA said.