NatWest faces criticism for its lack of prominently displayed posters revealing its low customer satisfaction rankings, placing it among the worst banks. This failure to adhere to competition rules has been reprimanded by the consumer watchdog. Between August 2022 and January 2023, 24 NatWest branches and two Ulster Bank branches were found to not adequately display “service quality information” (SQI) posters. This breach was identified by the Competition and Markets Authority (CMA), who further uncovered nine branches in violation of the rules between February and April of this year.
The CMA warned NatWest of potential “formal enforcement action” if it continues to disregard these rules, which were put in place to facilitate easier comparison of bank offerings for customers.
In addition, the CMA discovered that the Co-operative Bank failed to publish current and accurate SQI on its website from August to October 2022. Furthermore, the bank neglected to inform the CMA of the SQI rule breach within the required 14-day period.
The CMA asserted that failing to prominently display the SQI posters in branches may prevent customers from considering a switch to a bank with a higher service quality ranking.
In the latest bi-annual surveys, NatWest has consistently ranked tenth out of sixteen lenders for overall personal current account satisfaction.
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