Commenting on FCA proposals announced today to require current account providers to publish information on service and performance, Richard Neudegg, Head of Regulation at Uswitch.com, says: “These proposals are a step in the right direction to making the current account market more competitive, as part of a wider package of remedies set out by the CMA in its recent investigation into retail banking.
“The number of people moving their bank account has been falling year-on-year. The banks have realised they do not need to compete and can get away with providing a time-limited cash incentive whenever they need to boost their switching numbers. This apathy reinforces the need for a significant shake-up of the current account market.
“For long suffering consumers, it’s important progress is made on other initiatives such as Open Banking, to help shine a light on the costs banks charge their customers, for example on overdraft usage. Until it is possible to easily compare every benefit and cost of a current account, switching is likely to remain inert.”
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FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
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