The UK’s Financial Conduct Authority is eyeing new ways to facilitate bank switching as it looks to increase competition, say reports.
The FCA is reviewing whether banking customers should be allowed to switch banks and keep their account numbers as they do in the wireless phone industry. The watchdog announced Tuesday that it has launched a review of the possible plans.
The tactic, known as portability, would reportedly facilitate bank-switching as authorities look for new ways to pump competition between banks. The FCA said it would also review how last year’s decision to allow customers to switch banks within seven days has fared.
Portability would “remove the need to change direct debits and standing order instructions, which is a key area where perceived or actual problems with switching, such as missed mortgage payments, can arise,” the FCA said in its announcement of the review.
The UK’s banking industry is lead by just five banks: HSBC, Lloyds, Barclays, RBS and Santander UK, say reports.
Full content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI