New rules protect banking customers

4 November 2009

The Financial Services Authority (FSA) is now in charge of regulating banks` and building societies` day-to-day contact with consumers, in a move aimed at protecting banking customers.

As part of the reforms to the UK financial system, banks will be required to provide customers with clear and full information on the products or services they are interested in, helping them make informed decisions.

Dan Waters, the FSA`s director of conduct risk, said: "New regulations will put banking customers in the driving seat by setting down clear standards that people can expect from their institution, like speeding up payments between accounts, adequate notice of changes in terms and conditions, and smoothing the procedure for querying an unauthorised or unexpected transaction."

Tags: bank, banking, bank accounts, FSA, protection, new rules, payments between accounts, changes in terms and conditions, querying unauthorised or unexpected transactions

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