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Current account providers may have to publish the number of major security incidents they encounter each quarter, according to proposals in a new consultation.
Group Editor
The proposal is one of several in a consultation published by the Financial Conduct Authority (FCA), which seeks to help customers make effective comparisons of the service levels available for personal current accounts and business current accounts.
The regulator has proposed that firms offering personal current accounts and business current accounts should publish information about:
The FCA proposes the information to be measured quarterly and published on providers’ websites within six weeks of the end of each quarter.
The information will also be available for the use of comparison services. The regulator expects this to drive increased competition between firms to offer improvements in service quality.
This consultation is part of a broader programme of work looking at retail banking, by the FCA, as requested by the Competition and Markets Authority in 2016.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “Customers tell us they think “all banks are the same” and so they are discouraged from looking for current accounts offering better performance.
“These proposals represent a step forward, making it easier for consumers to judge whether their bank is offering a good service and for firms to see if they are competing effectively against other providers.”
Responses to the consultation can be admitted to the FCA until September 25 this year. The regulator will then review these comments and publish a policy statement setting out the proposed approach to final rules later this year.
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