From today, consumers will be able to compare clearer and more consistent information about the additional services current account providers offer all customers, including those in potentially vulnerable circumstances, after a voluntary commitment made by the finance industry comes into action.
Details of the support available for customers experiencing money worries, dealing with a major life event, or with a disability or a physical or mental health condition will be displayed in the same template on each participating bank and building society’s website. Information is also given on how the provider can help customers manage their day-to-day money better.
The finance industry and the Financial Conduct Authority (FCA) have worked together to deliver this voluntary commitment, which will help customers, or their family and friends, compare the services offered by different personal current account providers more easily.
Eric Leenders, Managing Director of Personal Finance at UK Finance, said: “Looking after every customer, especially those in potentially vulnerable circumstances, is a priority for the financial services sector. This voluntary commitment from the industry will help customers find the best account provider to suit their needs and direct them to clear information about where they can find the right support when they need it.”
Details of the participating personal current account providers and links to their information pages are available on the Financial Conduct Authority website. Comparison websites may also use the information as part of their service.
Contributed | what does this mean?