Which? response to Co-operative/Lloyds announcement

Richard Lloyd, Executive Director, Which? said:

“This is a welcome first step to bringing more competition to the high street which is vital for improving the quality and range of banking services available to consumers. But if banking is to be truly competitive, portable account numbers need to be introduced to make it as easy to switch your bank as it is to switch your mobile phone.

“It’s important to also remember that this sale was forced on Lloyds by the European Commission. It doesn’t remove the need for a referral to the Competition Commission, which should be done now to break the dominance of the big banks that so often fail to put consumers first.”

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