Don’t know much about this but these are the key points and it comes into force on the 31st of July.
The Duty will include requirements for firms to:
end rip-off charges and fees
make it as easy to switch or cancel products as it was to take them out in the first place
provide helpful and accessible customer support, not making people wait so long for an answer that they give up
provide timely and clear information that people can understand about products and services so consumers can make good financial decisions, rather than burying key information in lengthy terms and conditions that few have the time to read
provide products and services that are right for their customers
focus on the real and diverse needs of their customers, including those in vulnerable circumstances, at every stage and in each interaction
Some banks are definitely not meeting those requirements already so I’ll be interested to see if there are any actual changes.
While some might be sceptical about whether this new regime will really make a difference, financial firms are making changes to ensure they are complying with the tougher rules. For example, this week Santander announced changes to some of its savings accounts. Its eSaver and eIsa accounts have been renamed Easy Access Saver and Easy Access Isa and can now be administered via all channels: online, in a branch or via telephone. Previously these two accounts were online-only.
Seems to be a trend that we all get regulated in to paying higher prices to protect those who can’t be bothered to pay attention and shop around at the moment. Insurance springs to mind, as does energy.
It’s a trend in the UK these days, “protect” the idiots who can’t be bothered to protect themselves and let the sensible majority pay the price for it. It’s not like they have a choice if it’s industry-wide.
Just look at what they did to payments, you can’t pay or get paid via bank transfer without going through what feels like an 8-hour CIA interrogation session.
I doubt it, the guardian article says only where banks have the means to provide alternative access. Though Monzo might have to suck it up and do Post Office and online banking?