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Consumers vote for better banking

Banks should not value new business over old

A pile of notes and coins.

The winning rule of the Which? bank rule competition shows consumers are fed up with banks giving better deals to new customers, while punishing loyal customers with poor interest rates and rubbish deals.

To celebrate World Consumer Rights Day we asked you to submit one rule that would change banks for the better. The winning rule, submitted by Twitter user Daisybeebee, achieved more than 1,700 votes – over 50% of the total.

‘Banks should not give new customers better deals than loyal existing customers.’

Close runners up included rules against unwanted sales pitches, changing interest rates without informing customers, and longer opening hours. 

Consumer World Congress

It’s not just the winning rule that matters, though. Which? will be attending the 19th Consumer International World Congress in May, where we’ll be presenting ideas gathered since we launched the bank rule competition in March.

We’ll be taking all your rules and suggestions with us, and discussing them with consumer organisations from around the world. Attending the congress will be a group tasked by G20 leaders to develop a report on how to improve consumer protection in financial services. The report will be presented to the world leaders at the G20 Summit in November.

We’re hoping that the views we’ve gathered from you can help to influence that report and improve financial services for consumers all over the world.

Join the Conversation

Which? is determined to make financial services fairer, simpler, and safer for all UK customers, a goal that is even more crucial in the wake of the financial crisis.

If you’d like to share your views on banking reform, you can register to attend Your Voice – a debate on the future of banking.

Alternatively, share your views on banking at Which? Conversation, or follow Which? Action on facebook or Twitter to stay up to date with our latest campaigns.

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