Banks required to publish data on service, by UK watchdog – 26th July 2017

Banks in Britain will have to publish data every quarter from next year to show the quality of service they provide to customers to try to boost competition, the Financial Conduct Authority (FCA) proposed on Tuesday. Performance based on set criteria should be measured every three months from April 2018, and published on a bank’s website within six weeks of the end of the quarter, the FCA said. First publication is expected in mid-August 2018, with issues such as the pace of setting up new accounts and how banks respond to reports of lost or stolen cards being evaluated. The government wants to increase competition in banking, a sector long dominated by the “Big Four” lenders, HSBC, Lloyds, Barclays and Royal Bank of Scotland, but is now seeing many new entrants or “challengers”. Regulators have also made it easier to switch banks, but number of customers making the change is still low, and total market share of challengers remains modest.

 

 

Huw Jones, Reuters