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Uswitch comments on FCA consultation to require current account providers to publish information on service and performance

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.”

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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