For the first time, the Competition and Markets Authority (CMA) has published details of banks compare with rivals.
The competition watchdog ordered lenders in August 2016 to collate the figures twice a year to measure how customers rate their services.
“For the first time, people will now be able to easily compare banks on the quality of the service they provide, and so judge if they’re getting the most for their money or could do better elsewhere,” said Adam Land, senior director at the CMA.
“This is one of the many measures – including Open Banking and overdraft text alerts – that we put in place to make banks work harder for their customers and help people shop around to find the best deals for them.”
With the results published on Wednesday, it was found that Royal Bank of Scotland Group PLC (LON:RBS), Lloyds Banking Group PLC (LON:LLOY) and HSBC Holdings PLC (LON:HSBA) were among the worst performers of the survey.
In first place was First Direct, with 85 percent. First Direct was followed by the Metro Bank (LON: MTRO), where 83 percent of the lender’s customers recommended the bank. Nationwide (LON: NBS) was third with 73 percent recommending the bank.
RBS (LON:RBS) was ranked joint last in the table.
“We are aware we have more work to do in order to improve our service standards and deliver a better experience for our customers,” said a spokesperson.
The Financial Conduct Authority (FCA) has also set out new requirements for information that banks must provide to customers. Information includes details of available services.
“Getting a good deal isn’t just about pricing. It’s also important for customers – including individuals and small businesses – to be able to judge the quality of service around their current account and to see whether other providers could offer something that suits them better. This information should encourage providers to offer the services that people value,” said Christopher Woolard, the executive director at the FCA.
