New current account comparison rules ‘won’t help customers’

♦ New rules to assist customers to compare current accounts have been condemned for failing to help people save money. The Financial Conduct Authority has issued regulations demanding that banks and building societies publish information about services and performance. It says these will allow customers to “make meaningful comparisons of services”. However, critics say the measures will fail because they focus on limited aspects of bank service standards, rather than the actual costs of accounts and interest rates charged or paid.