In response to the Banking Reform Bill announced today by Chancellor George Osborne, Michael Ossei, personal finance expert at **Uswitch.com**, 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.”
It’s all about “U”!
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We are delighted to let you know that you are now off the hook - it’s big U’s all the way (and small s’s) as we undertake our biggest ever rebrand - so let your autocorrect go wild!
Uswitch is the UK’s top comparison website for home services switching. Launched in September 2000, we help consumers save money on their gas, electricity, broadband, mobile, TV, and financial services products and get more of what matters to them. Last year we saved consumers over £373 million on their energy bills alone.
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