The Financial Conduct Authority (FCA), the UK’s financial services regulator, has announced new rules that require banks to publicly disclose quality and performance metrics. All banks must publish such information on their websites, and large banks must make the information available through an API. The API requirement falls inline with the the FCA’s broader Open Banking initiative which the regulator has already begun rolling out.
The quality and performance metrics affected by this announcement include four primary categories of information:
- how and when services and helplines are available
- contact details for help, including 24 hour helplines
- how often banks have been forced to report major operational or security incidents
- the published number of complaints made against the banks
Additionally, larger banks must publish information regarding how likely customers are to recommend the bank. To get an example of how banks are complying with the new regulation, see the FCA’s table of provider links and APIs.
The announcement by FCA came at the request of the UK’s Competition and Markets Authority (CMA). The CMA and the FCA believe that the new rules will promote transparency, effective competition, and customer education. Comparison sites and the media will also have access to the information, which the regulators believe will increase their stated goals. Check out the FCA’s announcement to learn more.