UK: FCA Consults on Proposals to Require Current Account Providers to Publish Information on Service and Performance

On July 25, 2017, the Financial Conduct Authority (FCA) published a consultation on proposals to help customers make effective comparisons of the service levels available for personal current accounts and business current accounts.

The consultation provides new rules that will oblige firms offering personal current accounts and business current accounts 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.

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