|
|
<p>The Independent Commission on Banking (ICB), set up by this Government, recommended the introduction of a new current account switching service to tackle the lack of competition in this market. The Government moved quickly to implement this recommendation, securing a commitment from the Payments Council, on behalf of the banking industry, to deliver a new switching service by September 2013. The banks have met this commitment, launching a seven day current account switching service last month. This service has been designed to meet all of the ICB's concerns, covers nearly 100% of the competitive current account market, and is free and quick to use.</p><p>The Government is closely monitoring the seven day switching service to ensure the banks continue to deliver on their commitment. It has asked the Payments Council to publish data on volumes of switching, levels of awareness, and confidence in the service on a quarterly basis.</p> |