“Not the avalanche needed to transform the market’ – our response to new Payments Council current account switching figures.

Richard Lloyd, Which? executive director said:

“Increased switching levels are a step in the right direction but it is not the avalanche needed to transform the market.

“Poor products, high complaint numbers and low switching levels show the unhealthy dominance of our big banks, and unless we see a greater injection of competition this stranglehold will go on. It’s time for the Competition and Markets Authority to take a closer look at banking.”

Statement: Banking, Banks, Consumer, customers, Financial services, Money, Which?