On 15 August 2018, the FCA issued a press release regarding the coming into force of new rules that require providers of personal current accounts and business current accounts to make information about current account services available to customers (our earlier blog is here).
Under the FCA’s new rules customers will be able to easily find standard information on providers’ websites about:
- how and when services and helplines are available;
- contact details for help, including for 24 hour helplines;
- how often the firm has had to report major operational and security incidents; and
- the published level of complaints made against the firm.
From November 2018, providers have undertaken to publish in a common form information highlighting the support they offer customers who have one of the four main characteristics of potential vulnerability outlined in the FCA’s Approach to Consumers 2018:
- resilience – low ability to withstand financial or emotional shocks;
- life events – major life events such as bereavement or relationship breakdown;
- capability – low knowledge of financial matters or low confidence in managing money; and
- health – conditions or illnesses that affect ability to carry out day to day tasks.