In response to the FCA’s review into current account switching, David Mann, Money Expert at Uswitch.com, says: “The seven day current account switching service was heralded as a great victory when it first launched in late 2013, enabling people to move their hard earned cash with greater ease. But this report shows that, almost 18 months on, more needs to be done.
“The good news is that the majority of switches are happening within seven days. The bad news is that not enough people are benefitting from the changes and customer satisfaction levels are still low. The banks clearly still have a long way to go.
“Although there are some challenger banks that are trying to entice new customers with switching incentives or inflation-busting interest rates, it seems that for many, this still isn’t enough. The overwhelming message is that people either believe there is no better option to switch to or lack confidence in the process.
“There a large gap between what the banks and the FCA see as a success, and what the numbers really show. Both parties need to do a lot more to put people’s mind at ease when it comes to current account switching, encouraging more people to take advantage of this service. The CMA investigation into current accounts could also help ensure robust competition in the marketplace, but more needs to be done to help consumers in the here and now.”
FOR MORE INFORMATION
Katherine Moss
Phone: 020 3021 5893
Email: katherine.moss@uswitch.com
Twitter: @uswitchPR
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