The Department for Business, Innovation and Skills (BIS) has recently issued a call for evidence on new “switching principles” to govern what consumers should expect from their banking service providers.
The aim of this is to identify ways in which the switching process could be made easier, especially across regulated sectors, to enable consumers to make the most of the savings available. Figures within the call for evidence, show that in 2014, only 3% of customers switched their bank account.
The BIS is interested in understanding what changes could be implemented to make the switching process as simple as possible, what could motivate consumers to switch and how the current regime is viewed by both regulators and service providers. The responses are due by 4 December 2015.