Following a joint investigation by the Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA), banks will now be required to publish their customers satisfaction scores on their websites, apps and in their branches.
The new requirement aims to improve competition in the banking sector, and provide consumers with better information in regard to the services that banks offer.
Under the new rules, banks will also be required to publish details of available services and helplines, alongside information on the number of major operational and security incidents they have experienced , and provide updates on this matter on their websites.
The CMA believes that by having this information to hand, consumers and small businesses will be able to gain better knowledge of the services provided by their bank, and whether their chosen bank fulfils their requirements.
UK banks and building societies with more than 150,000 personal current accounts (PCAs) or 20,000 business current accounts (BCAs) will be required to publish information on the quality of their services every six months. Banking institutions in Northern Ireland with more than 20,000 PCAs or 15,000 BCAs will also be subject to the new regulations.
Commenting on the matter, 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.