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NatWest is under fire for failing to prominently display posters which rank it among the worst banks for customer satisfaction.
The consumer watchdog has reprimanded the bank for breaking competition rules by not displaying so-called “service quality information”, or SQI, posters prominently enough in 24 NatWest branches and two Ulster Bank branches between August 2022 and January 2023. The Competition and Markets Authority flagged a further nine branches between February and April this year.
The regulator threatened NatWest with “formal enforcement action” if it continued to flout the rules, which are intended to make it easier for customers to compare the best deals from banks.
The CMA also found that the Co-operative Bank had failed to publish up-to-date service SQI on its website between August 2022 and October 2022.
The bank broke another competition rule by not notifying the CMA of the SQI rule breach within 14 days of discovering it.
The CMA said: “The failure to publish SQI posters in branches may mean that customers who use those branches were not prompted to consider switching to a bank with a better service quality ranking.”
Out of 16 lenders, NatWest has ranked tenth for overall personal current account satisfaction in the last three surveys, which are published every six months.
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