Regulation  

Thumbs up for account switching from FCA

Thumbs up for account switching from FCA

The current account switching service (CASS) was working well and sufficiently addressing consumer concerns, Christopher Woolard, FCA’s director of strategy and competition, has said.

A 65-page report, Making Current Account Switching Easier, found that the vast majority of switches were completed within seven days, without error, and that most consumers who had used the service had rated it positively.

The regulator said that a reduction in the time it took to switch from seven to five days was unlikely to deliver significant benefits to consumers. It found that there was more interest in switches being done efficiently and on time.

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