Banks commit to improving basic bank account access after poor practice found
Across 298 mystery shops, the FCA rated 28% of interactions as good or very good, 38% as fair, 20% as poor and 14% as very poor.
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Summary
Across 298 mystery shops, the FCA rated 28% of interactions as good or very good, 38% as fair, 20% as poor and 14% as very poor. Under the Payment Accounts Regulations 2015, the nine biggest standard personal current account providers in the UK must offer basic bank accounts to legally resident consumers who either do not have a UK bank account or are not eligible for all other payment accounts. The FCA’s Financial Lives survey indicated that in 2024, more than 97% of UK adults had a current account.
Furthermore, The exercise covered 298 interactions across branches and by telephone. While 4.3 million UK adults had a basic bank account, around 900,000 adults were unbanked with no current account. Bank account providers were not consistently offering the accounts to customers who could benefit from them.
In addition, Basic bank accounts are simplified accounts which serve people who may not otherwise be able to access standard current accounts – providing access to essential services with no overdraft. A mystery shopping exercise by the Financial Conduct Authority (FCA) found around a third of experiences with basic bank accounts rated as poor or very poor. Get a free fractional share worth up to £100.
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Across 298 mystery shops, the FCA rated 28% of interactions as good or very good, 38% as fair, 20% as poor and 14% as very poor.
reliability low1/2 sourcesUnder the Payment Accounts Regulations 2015, the nine biggest standard personal current account providers in the UK must offer basic bank accounts to legally resident consumers who either do not have a UK bank account or are not eligible for all other payment accounts.
reliability low1/2 sourcesThe FCA’s Financial Lives survey indicated that in 2024, more than 97% of UK adults had a current account.
reliability low1/2 sourcesThe exercise covered 298 interactions across branches and by telephone.
reliability low1/2 sourcesWhile 4.3 million UK adults had a basic bank account, around 900,000 adults were unbanked with no current account.
reliability low1/2 sourcesBank account providers were not consistently offering the accounts to customers who could benefit from them.
reliability low1/2 sourcesBasic bank accounts are simplified accounts which serve people who may not otherwise be able to access standard current accounts – providing access to essential services with no overdraft.
reliability low1/2 sourcesA mystery shopping exercise by the Financial Conduct Authority (FCA) found around a third of experiences with basic bank accounts rated as poor or very poor.
reliability low1/2 sources
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according to The Independent
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