Skip to main content comments on the banking reform bill announced today by chancellor George Osborne

In response to the Banking Reform Bill announced today by Chancellor George Osborne, Michael Ossei, personal finance expert at ****, says: “This is a welcome move – cutting the switching process to just seven days will help to promote greater competition amongst high street banks. Consumers will be able to exercise choice and vote with their feet, without having to put up with a lengthy account transfer process. This is good news.

“However, it doesn’t go far enough. It is disappointing to see that ministers are still rejecting the introduction of portable bank account numbers, which would not only speed up the switching process, but would also remove the responsibility and hassle of changing direct debits and standing orders when moving current account. This is a genuine hurdle in the market and ministers don’t seem to have the appetite to really help consumers by breaking it down.

“The Chancellor today hailed these new banking reforms as a revolution in consumer choice, but the onus will still be on the consumer to make the first move. The fact is that the banks will only start to put customers first if they are being forced to compete – these reforms will only take us part of the way there.”


Charlotte Nunes

Phone: 020 7148 4664


Twitter: @uswitchPR

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