In response to the Payments Council’s first six months of the new current account switching service, Which? executive director, Richard Lloyd, said:
“Despite an increase in public awareness and confidence, switching levels are still low, suggesting that the new seven day service is not the game changer that can significantly increase competition in banking.
“We’re pleased the Government has responded to our calls to make banks release better data about current account running costs. If done properly this should help people more easily compare banks and find the best account for them, which will inject much needed competition into the market.”