The UK Payments Council has revealed a new scheme that will provide bank customers with a guarantee for new current account switch services. All financial institutions in the country will participate in the service, and it will be launched in September of this year.
The account switch service aims to allow for higher banking competition. Consumers will no longer be forced to keep an account because of complicated switchovers. The new program will make it easier and simpler for UK consumers to switch current accounts.
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