Overview
- The Financial Conduct Authority found poor practice in 298 mystery-shop branch and phone interactions and rated 34% of outcomes as poor or very poor.
- Investigators said staff often failed to mention basic bank accounts, pushed vulnerable customers to unsuitable online routes, and did not adapt for non-standard ID or no fixed address.
- The nine largest providers named by the FCA, including Barclays, HSBC, Lloyds, NatWest, Nationwide and Santander, have agreed individual improvement plans and a collective commitment.
- The commitments, secured Tuesday, require firms to offer the right account first time, make it easier to open accounts without standard ID or a fixed address, spot vulnerability earlier and provide non-online alternatives.
- About 4.3 million UK adults already hold basic accounts and roughly 900,000 are unbanked, so the changes aim to reduce practical barriers to wages, benefits and bill payments while the FCA monitors firms rather than imposing immediate penalties.