Best and worst banks get named on CMA report

The Royal Bank of Scotland, Virgin Money and TSB were the worst performing banks for customer service according to the latest survey from the Competition and Markets Authority.

The latest independent results from large-scale surveys ranking the service quality of personal and business current account providers in Great Britain and Northern Ireland found that for business banking customers the Co-operative Bank, Virgin Money and HSBC UK were the least likely to be recommended.

Following its investigation into the retail banking sector, the CMA made it compulsory for all relevant banks to take part in these surveys, so customers get the full picture. Account providers must display their ranking prominently both in branch and on their websites and apps.

The survey was established as part of the Retail Banking Order – a set of reforms established by the CMA following its retail banking market investigation in 2016.

Personal and small-business current accountholders were asked how likely they would be to recommend their provider to a friend, relative or other business. The survey also covered the quality of online and mobile provision, branch and overdraft services and, for small businesses, the quality of the relationship management they receive.

Source Financial Accountant click here to read more.