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June 2009

Customers to benefit from new banking regulation

From November 2009, the Financial Services Authority (FSA) will take over the regulation of all retail banking conduct.

All banks, building societies and credit unions will have to follow the new FSA rules, which will require them to provide:

  • A prompt and efficient service to help customers switch accounts.
  • Informative material to be available when people are deciding whether to become a customer or not.
  • Prompt, efficient and fair customer service for the duration of the relationship.
  • Fair treatment when dealing with customers in financial difficulty and when processing payments.

Before the new rules come into force, the FSA will publish comprehensive information for consumers detailing their rights and outlining what they can expect from their banking provider.

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