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UK: Overhauls to facilitate switching banks starting September

By  |  August 16, 2013

After two years, UK officials are set to launch new services to facilitate consumers’ bank switching, a move regulators expect to boost competition in the banking market. The Independent Commission on Banking recommended the changes in 2011 after finding that consumers switch banks once only every 26 years on average. Now, 17 banks and 33 different banking brands are promising hassle-free methods of switching lenders. Reports say two banks have already offered cash incentives for people to switch their accounts to them.

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    Regulators issued criticism to the UK lending sector in recent years, in part due to low consumer confidence and complicated methods of switching banks. The industry is currently controlled by four major banks: Lloyds, Barclays, Royal Bank of Scotland and HSBC. About 75 percent of all bank accounts fall under one of those major lenders.

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