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FCA and CMA release UK bank scores in line with Open Banking

Friday 17 August 2018 11:32 CET | News

The UK`s Financial Conduct Authority and Competition & Markets Authority have released data on quality of service in Open Banking.

A total of 16,012 customers of UK banks have been surveyed so far, by the Financial Conduct Authority and Competition & Markets Authority. All British banks and building societies with more than 150,000 personal current accounts (PCA) or 20,000 business current accounts (BCA), as well as Northern Irish banks and building societies with more than 20,000 PCAs or 15,000 BCAs, must publish the information every six months.

According to the Financial Conduct Authority, the results of the survey must be prominently displayed in bank branches, as well as on their websites and apps, allowing customers to make better-informed choices around financial services offered to them.

Customers with personal current accounts were asked how likely they would be to recommend their provider, their online and mobile banking services, services in branches and overdraft services to friends and family. SME business customers were asked how likely they would be to recommend their provider, their online and mobile banking services, services in branches and business centres, as well as SME overdraft and loan services and relationship/account management services, to other SMEs.


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Keywords: Financial Conduct Authority, Competition & Markets Authority, bank scores, Open Banking, SMEs, UK, personal current accounts, business current accounts
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Countries: World