FSA considers poor service league table for banks

Commenting on the FSA considering producing a poor service league table on banks, Kevin Mountford, head of current accounts at price comparison site moneysupermarket.com, said: "Customer service is an important factor for consumers choosing a financial product and, in particular, a bank account. While the interest rate is an important factor, people also want to know they will get good quality service.

"Over a quarter (28 per cent) of people who have changed their current account in the past two years did so because of the poor service they were getting. Another 34 per cent changed because they were annoyed with a fee they were charged.

"Getting a higher interest rate was only a factor with 24 per cent of people. The danger has always been that as banks increasingly fight for our business on interest rates alone that customer service might suffer, which isn't what people want.

"The FSA's consideration of a league table would be an important step in guarding against that.

"Banks though are taking positive steps in the battle for our business, with specialist switching teams in place with prominent providers such as A&L and HBOS.

"Whether it's bank accounts, ISA account transfers or any other product, consumers need to know their interests will be looked after by their chosen provider."