This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-34592764

The article has changed 4 times. There is an RSS feed of changes available.

Version 2 Version 3
Government aims to boost switching as bank report due New government move to boost account switching
(about 7 hours later)
The government has set out a series of ways to make it easier for people to 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 as the Competition and Markets Authority (CMA) said not enough people are switching their current accounts.
During an 18-month study, the CMA looked at poor switching rates and competition between High Street banks. After an 18-month study, the CMA concluded that only 3% of customers moved account in 2014.
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.
And it launched a public consultation, to see how switching rates can be improved.
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 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 provider.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.
Public consultationPublic 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.
Barclays, HSBC, Lloyds, Nationwide, RBS, Santander and Tesco Bank provide such downloads to their customers.
The data can then be used on a price comparison site, Gocompare, to make switching easier.
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.