FCA consults on information about current account services

The FCA today published its Consultation Paper CP17/24 on proposals to require current account providers to publish information on service and performance.

This consultation proposes new rules that will require firms offering personal current accounts (PCA) and business current accounts (BCA) to publish information about:

  • how long it takes to open an account and have the account working, including overdraft facilities
  • how long it takes to replace a lost, stolen or stopped debit card
  • how long it takes to give someone access to a personal current account under a power of attorney
  • how and when customers can carry out transactions, including making payments or cancelling a cheque, and whether 24-hour help is available
  • the number of major operational or security incidents

The regulator announced this work in the FCA’s response to the CMA, following its investigation into retail banking. The work is in the context of wider work to review retail banking sector business models and evaluate the impact of changes on competition and conduct.

This consultation affects the majority of current and potential participants in the PCA and BCA markets, particularly:

  • firms that accept deposits (banks and building societies) and provide payment accounts as defined by the Payment Accounts Regulations (typically PCAs) or BCAs that have the features of a payment account
  • organisations offering comparison services
  • organisations representing consumers
  • PCA and BCA customers

The consultation is open until 25 September 2017. The FCA statement together with the consultation paper can be found here.