WHAT TO DO IF YOU HAVE BEEN AFFECTED

First steps
The Payments Council, the voluntary industry body that sets strategy and standards for payment systems and services industry in the UK, provided the following advice yesterday:

• Speak to your bank or building society. They should help to resolve your problems as quickly as possible

• Make a note of all communication and keep documentary evidence of how you have been affected.

• If you don’t get the help you need, ask to follow your bank’s formal complaints procedure.

• If you are still not happy you can complain to the independent financial ombudsman. Phone: 0800 023 4567

Switching account
If you have decided to switch, make sure you know your rights.

• Your current bank must give information to your new provider within three working days.

• Your new account must be opened within 10 days after your application is approved.

• Many banks will take care of switching standing orders to simplify the handover.

• You should not be charged for the transfer of money from old to new provider.