The measure was introduced by the Competition and Markets Authority (CMA) after it conducted a market investigation into the banking sector in 2016. The league table style results allow customers to clearly see how their bank compares on quality of service and helps to drive competition between banks to improve the quality of their offering to customers.
Since August 2018, banks have been required to publish information on how likely people would be to recommend their bank – as well its online and mobile banking, branch and overdraft services – to friends, relatives or other businesses, with results being updated every 6 months.
Today banks have also published figures on how long it takes to open current accounts and replace debit cards. They are required to do so by the Financial Conduct Authority on a quarterly basis.
Andrea Coscelli, Chief Executive of the Competition and Markets Authority, said:
We introduced this survey last August so that people can see exactly how well banks are treating their customers.
If people are unhappy with the customer service they are currently getting, I would encourage them to look at the results and think about switching to a better performing bank.
The results of the survey must be prominently displayed in banks’ branches, as well as on their websites and apps.
The latest survey results are available on the following links: