The Payments Council published a report on 11 September 2014 on the current account switch service, setting out the service's progress and impact over its first 12 months. The service was designed to allow customers to switch a current account from one bank to another in a simple way and within seven working days.
What this means for you
The key findings in different aspects such as awareness, public confidence, efficiency and popularity indicate a successful launch of the service. The Payments Council is expected to further raise awareness of the service, focusing specifically on small businesses and identifying the specific barriers they face when switching their current accounts.