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Government aims to boost switching as bank report due Government aims to boost switching as bank report due
(35 minutes later)
The government has set out a series of ways it hopes will help people switch providers - for energy, bank accounts or telecoms. The government has set out a series of ways to make it easier for people to switch providers - for energy, bank accounts or telecoms.
It comes ahead of a major report on current accounts by the Competition and Markets Authority (CMA).It comes ahead of a major report on current accounts by the Competition and Markets Authority (CMA).
During an 18-month study, the CMA looked at poor switching rates and competition between High Street Banks. During an 18-month study, the CMA looked at poor switching rates and competition between High Street banks.
The government said consumers should have better access to their personal data, to help them change supplier.The government said consumers should have better access to their personal data, to help them change supplier.
Switching ratesSwitching rates
In the last 12 months, the number of people in the UK switching their bank account has fallen by 14%, according to new figures. In the last 12 months, the number of people in the UK switching their bank account has fallen by 14%, according to figures.
In the year to September 2015, the Current Account Switching Service (CASS) said 1.03 million had changed provider.In the year to September 2015, the Current Account Switching Service (CASS) said 1.03 million had changed provider.
That is little more than were switching before September 2013, when the seven-day switching service was launched.That is little more than were switching before September 2013, when the seven-day switching service was launched.
The CMA previously said that only 8% of consumers had switched accounts in the last three years, compared with 45% of consumers who had switched car insurance. The CMA previously said that only 8% of consumers had switched accounts in the last three years, compared with 45% of consumers who had switched car insurance provider.
'Midata' Public consultation
The Department for Business, Innovation and Skills (BIS) published new principles for switching, including: The Department for Business, Innovation and Skills (BIS) published new "principles "for switching, including:
Most of the large banks already offer a service known as Midata. This enables account holders to see a summary of all their transactions, as well as the charges they have paid.Most of the large banks already offer a service known as Midata. This enables account holders to see a summary of all their transactions, as well as the charges they have paid.
In addition, Tesco Bank tells customers what interest they would have earned, had they put their money in a savings account rather than leaving it in a current account.In addition, Tesco Bank tells customers what interest they would have earned, had they put their money in a savings account rather than leaving it in a current account.
Consumers are now being asked for their own ideas on how switching could be improved. The consultation ends on 4 December.Consumers are now being asked for their own ideas on how switching could be improved. The consultation ends on 4 December.