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UK: Regulator wants to ease bank account switching

By  |  March 12, 2015

Allowing customers to take their bank account number with them would encourage more Britons to switch lenders, Britain’s financial regulator said on Thursday.

Such flexibility has long been a feature of the mobile phone market where customers keep their telephone number when they shop around rival providers.

The idea is being discussed to help boost competition in high street banking which is dominated by the “Big Five” banks, Lloyds, RBS, HSBC, Barclays and Santander.

The FCA found that being able to keep bank account details increases consumer confidence in the bank account switching process,” it said in a statement.

 

Full Content: BBC News

 

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