“Quicker switching alone will not solve the lack of competition” – Which? response to the first full-year results for the Current Account Switch Service

Which? executive director, Richard Lloyd said:

“It is clear from today’s low switching figures that the big banks’ stranglehold on the market continues and that quicker switching alone will not solve the lack of competition or trust in banking. 

“The Competition and Markets Authority must expose what’s at the heart of the problems in this market and propose reform so that it works better for consumers. We also want to see banks deliver the midata initiative without delay to make it easier for people to compare the cost of running current accounts and see that it is worth switching.”