Consumers have been placed 'in the driving seat' when it comes to dealing with high street banks under new rules being introduced by the Financial Services Authority (FSA).
With the City watchdog having taken on responsibility for the way in which banks treat their customers, ordinary consumers are set to benefit from clearer communication and better service.
According to the FSA, the main aim of its new push will be to ensure that customers are given full information on banking services and products up-front so as to avoid and mis-selling, while banks will also be required to speed up transactions between accounts and to give lengthier periods of notice when changing product terms and conditions.
Announcing the development, Dan Waters, director of conduct risk at the FSA, said: "If firms fall short of these standards or fail to treat their customers fairly, the FSA will take action."
Meanwhile, Halifax has announced a series of changes to its banking facilities, including new charges for customers who go overdrawn .
Customers to benefit from new banking regulations
Financial Services > e-banking > Banking news
Customers to benefit from new banking regulations
Tue, 03 Nov 2009
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