Version Control

Release Note

Background

The FCA published a Policy Statement (PS) https://www.fca.org.uk/publication/policy/ps17-26.pdf in December 2017 detailing rules requiring providers of personal current accounts (PCAs) and business current accounts (BCAs) to make information about current account services available to customers.

These rules are aimed at promoting effective competition by:

• enabling customers and intermediaries to make meaningful comparisons between providers of PCAs and BCAs based on quality of service
• incentivising providers to improve service and performance

The FCA’s Policy Statement affects the majority of current and potential participants in the PCA and BCA markets as well as those interested in this market, including:

• firms that accept deposits (banks and building societies) that provide payment accounts as defined by the Payment Accounts Regulations (typically PCAs) or BCAs that have the features of a payment account
• organisations which offer comparison services

The Policy Statement also requires firms that are subject to the CMA’s Retail Banking Market Investigation Order, or who use an Application Programming Interface (API) for the purposes of PSD2, to make service information available also through an API.

This specification provides a single API standard that firms may use in order to meet those requirements.

Key Components of the specification

The specification covers the following key service metrics:

• How and when a customer can contact their bank to ask about the following things:
  • checking the balance and transactions
  • sending money within the UK, including setting up a standing order
  • sending money outside the UK
  • paying in a cheque
  • cancelling a cheque
  • cash withdrawal in a foreign currency outside the UK
  • a lack of funds: including unarranged overdrafts, payments we allow despite lack of funds and payments we refuse due to lack of funds
  • a direct debit, or allowing someone to collect one or more payments from your account using your debit card number
  • third party access to an account, for example under a power of attorney
  • problems using internet banking or mobile banking
  • reporting a suspected fraudulent incident or transaction
  • progress following an account suspension or card cancellation, e.g. following a fraud incident
  • account opening: including eligibility for an arranged overdraft, what is required to open an account and an indication of what arranged overdraft may be available
• How and when a customer can use their bank account to do the following things:
  • checking the balance and transactions
  • sending money within the UK, including setting up a standing order
  • sending money outside the UK
  • paying in a cheque
  • cancelling a cheque
  • cash withdrawal in a foreign currency outside the UK
• Information about operational and security incidents 
• Information about complaints data
• Information about opening a current account with a bank
• Information about how quickly a bank opens a [personal/business] current account?
• Information about how quickly a bank gives a customer a debit card?
• Information about how quickly a bank gives a customer internet banking?
• Information about how quickly a bank makes available an overdraft ?
• Information about how quickly a bank replaces debit cards which have been lost, stolen or stopped?

FCA Service Metrics Specification

Overview

This specification includes all relevant artefacts for the Open Data FCA Service Metrics API Specification.

There will be two separate endpoints: One for Personal Current Account and other for Business Current Account Service Metrics.

Each endpoint can contain multiple brands owned by a particular banking group. Each brand can have separate Service Metrics.

The Service Metrics is made up of the following section:-

1. Brand description
2. ServicesMatterAvailability: How and when a party can contact banks to ask about the available services.
3. ServicesActionAvailability: How and when , a party can use their bank account to execute the services supported by the bank
4. OperationalAndSecurityIncidentMetrics: Metrics information about any major operational or security incident which prevents banks customers from using their payment services.
5. ComplaintsData: This section is used for publishing complaints related info
6. AccountOpeningTimeLineDetails: This section covers info related to time line of opening an account along with other supported features.
7. CardReplacementTimeLine: This section covers info related to time line of replacing a bank card.
8. AccountOpeningSummary: This section cover info related to documentation along with instruments to facilitate the account opening.