Customers will be given more information to help them choose a bank by its service, under new rules which come into force next year.
From 15 August 2018, current account providers will be required to publish information on service availability, helplines and numbers of operational and security incidents, under new Financial Conduct Authority (FCA) regulations.
From 15 February 2019, firms will also be required to publish how long it takes to open an account and replace a debit card.
The new rules have been introduced following a consultation which closed on 25 September.
What will banks have to publish?
Under the new rules, customers will be able to find:
- How and when services and helplines are available
- Contact details for help, including for 24-hour helplines
- How long it will take to open a current account
- How long it will take to have a debit card replaced
- How often the firm has had to report major operational and security incidents
- The level of complaints made against the firm
What does the regulator say?
Christopher Woolard, executive director of strategy and competition at the FCA, said: "We want to see current account providers competing hard for their customers' business by offering better service, alongside competition on interest and charges.
"These rules will help people see how their bank compares to others so they can choose an account that suits their needs.
"We are pleased that the industry is seeking to develop information about their treatment of vulnerable customers. It is important that these customers are given help and support when making a decision about a bank account and this is an important step forward."