Which? executive director, Richard Lloyd, said:
“It’s encouraging to see the current account switching service working well for those who have used it. But with switching rates still low, it’s clear that this service alone is not going to be a silver bullet to tackle the dominance of the biggest banks.
“The FCA is right to recognise that portable account numbers will increase switching and we want the new Payment Systems Regulator to respond to these findings quickly. We also need strong reforms to emerge from the Competition and Markets Authority’s investigation to improve trust and increase competition.”
Statement: Personal Finance