The FCA says mystery shopping of the nine providers that must offer basic bank accounts rated 28% of 298 interactions as good or very good, 38% as fair, 20% as poor and 14% as very poor. It found that some customers, including people in financial hardship or without standard ID or a fixed address, were not offered a basic account or were steered to unsuitable online applications. The nine firms have agreed improvement plans and a joint commitment, agreed with UK Finance, to offer the right account first time with clear communication.
Read the original: Financial Conduct Authority ↗
Basic bank accounts are one of the routes people use after an account closure or refusal. The FCA’s findings describe how banks handled requests in testing, and do not say a basic account will be granted in any individual case.