Banks now have to say if their own customers would recommend them – how to find the best one for you
The new rules from the watchdog come off the back of a report of which banks customers would most recommend
BANKS now have to say whether its own customers actually recommend its services, the watchdog has ruled.
From today, they will also have to tell potential customers how often they've had to report major security breaches and how many complaints have been made against the firm.
Banks have to make it clear on their website whether customers would recommend its services, including online and mobile banking, branch and overdraft services.
The guidelines are aimed at helping customers compare current accounts and to boost competition between banks.
The Financial Conduct Authority (FCA) has issued the rules after the Competition and Markets Authority (CMA) surveyed thousands of personal and small business customers to find out how satisfied they are with their bank.
Customers with personal current accounts were asked how likely they would be to recommend their provider to friends and family.
came out on top with 85 per cent of customers likely to recommend, while Metro Bank came in second with 83 per cent.
But Clydesdale and Royal Bank of Scotland brought up the bottom of the table with less than half (49 per cent) of customers recommending them.
Adam Land, Senior Director at the CMA, said: "For the first time, people will now be able to easily compare banks on the quality of the service they provide, and so judge if they’re getting the most for their money or could do better elsewhere."
From November this year, banks will also have to clearly display how vulnerable customers can get help from them, such as those who's finances are rocked by a major life event.
The also have to direct those who don't know much about money management or with health conditions that affects their ability to carry out everyday tasks towards help.
How to find the best bank account
IF you’re thinking about swapping your bank account, the variety and choice can quickly become overwhelming.
It’s worth looking at a comparison service to see what’s on offer. With Go Compare, you can use the government-backed Midata tool to securely update past transactions for customised current account recommendations.
Think about how you usually use your account. If you use your overdraft a lot, you’ll want a bank with low fees. While if you tend to leave a lot of money sitting in your account, you’ll want a bank that pays interest on accounts in credit. It’s also worth checking if a new current account will give you access to a higher interest savings account.
Look at other features such as switching bonuses and incentives too. First Direct are offering new joiners either £150 in Expedia vouchers or gadgets such as Bose Headphones, while M&S are offering a £125 gift card, which increases by £5 a month if you pay £1000 into the account each month.
For all the latest switching deals, go to
And from February 2019, they will also have to publish information on how long it takes to open a current account with them and replace debit cards.
"Getting a good deal isn’t just about pricing," said Christopher Woolard, Executive Director of Strategy and Competition at the FCA.
"It’s also important for customers – including individuals and small businesses – to be able to judge the quality of service around their current account and to see whether other providers could offer something that suits them better.
"This information should encourage providers to offer the services that people value."
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Last month is was revealed that Halifax is the most popular bank for new customers with 62,700 people switching to their services in the first three months of the year.
Unsurprisingly, TSB has had a far less successful 2018 so far possibly as a result of the technological issues the bank faced earlier this year, with 16,435 customers switching away.
Atom, Monzo, Tandem and Starling might sound unfamiliar but they are part of a new breed of digital-only banks that are growing in popularity with Brits. Check out if they offer the right current account for you.
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