Commenting on the latest figures from the Current Account Switch Service, published today, Tom Lyon, money expert at Uswitch.com, says: “Despite enabling nearly four million switches in the four years since the service launched, this still only represents around 6% of all active current accounts. Today’s announcement shows that the number of people switching current account continues to fall, highlighting that there is still a significant amount of work to be done to create a truly competitive current account market.
“This drop in the number of people voting with their feet should be seen as a warning. While the proposals announced by the FCA yesterday can’t be implemented soon enough, the industry needs to embrace wide ranging reforms, such as Open Banking, to really shake up the market and drive competition. As currently, despite potential savings of hundreds of pounds being available, particularly for those consumers who regularly use their overdraft, there is a real apathy to changing banks.
“Our experience shows that indifference to switching, especially in markets where the main players are considered to ‘all be the same’, is difficult to overcome. Changing mindsets takes time and it is important to reinforce all the benefits, not just financial, of switching to help tackle these misconceptions.”
Find out how you could save over £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
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