Current account swapping edges up on seven-day switch system

Tim Wallace
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THE FIRST 10 days of the new seven-day switching system saw 35,000 current account customers move to a new bank or building society, the Payments Council revealed yesterday.

That is an increase of six per cent on the level of switching in an average 10-day period through 2012.

New systems were introduced in an effort to bring more competition to the market, as the authorities feared it was too difficult for customers to change account provider.

“Although it is too early to tell what switching levels will be over the longer term, interest in the new service has clearly got off to a great start,” said Adrian Kamellard, chief executive of the Payments Council.

“For us, getting the system successfully launched is only the first step – the next is to learn from what customers actually experience and if necessary to make any improvements.”