UK Money News
29th May 2008
Bank league table is "an important step" for customers
Moves to publish a league table for bank account providers have been welcomed by a personal banking expert.
Under proposals revealed by the Financial Services Authority yesterday, banks would be ranked according to their customer service performance - enabling potential customers to more easily distinguish top performers from those who provide a poor service.
Responding to the news, Kevin Mountford head of current accounts at moneysupermarket.com dubbed the proposals "an important step" in ensuring that customers are not neglected.
He said: "The danger has always been that as banks increasingly fight for our business on interest rates alone that customer service might suffer, which isn't what people want.
"Customer service is an important factor for consumers choosing a financial product and, in particular, a bank account. While the interest rate is an important factor, people also want to know they will get good quality service."
A study conducted by the price comparison site found that 28 per cent of people who have changed their current account provider in the last two years did so because of the poor service they were receiving.
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