Retail banking – FCA review of Basic Bank Accounts
Regulatory Updates | 11/02/20
We have reviewed how retail banks provide information about Basic Bank Accounts (BBAs). We found examples of good practice and areas for improvement. BBAs are designed for people who may otherwise be unable to open a standard bank account. They are key to increasing access to financial services. Giving customers the right information at the right time is a critical part of this process.
In our review, we looked at 5 of the 9 banks that provide BBAs. We found examples of good practice, where staff provided customers with clear information and took account of customers’ individual circumstances. We also found areas for improvement where we believe information on the availability of BBAs could be more prominent, and customers’ first engagement with bank staff could be improved. The review also suggests that firms can improve how they deal with non-standard proof of identity and their approach to identifying vulnerable customers.