Energy News – 21/01/2017
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The article – How to find the right business bank account – explains how small businesses can benefit from switching their bank account. But few do.
The FCA began a review of the current account switch service (CASS) in September 2014. They found that it works well for those using the service. Most switches are completed within seven days without any problems.
What the review found though is that few consumers are aware of the service or have confidence in it.
Director of strategy and competition at the FCA Christopher Woolard said: “If we want to encourage consumers to switch their bank accounts then it is important that the industry makes it as easy as possible for them to do so.”
One of the measures suggested by the FCA to encourage more people to use the service is for current account numbers to be portable. The FCA said being able to move current account numbers from one bank to another would enable consumers to switch banks without changing their account details.
Keeping the same bank account details would increase consumer confidence in the switching process. It would also increase the number of small business customers choosing to switch.
Porting account numbers is possible but the different technical solutions vary in complexity and cost. It’s already possible to port mobile phone numbers. Porting current account numbers would work in a similar way.
The Payment Systems Regulator (PSR) will analyse the FCA’s evidence for porting account numbers. It will also consider other ideas for increasing the number of small businesses switching bank accounts.
One suggestion to boost the number of small businesses switching is to reduce the time taken to switch from seven days to five. But the FCA found consumers were more worried about the switch going through smoothly and on a particular date than how long it took.
Excellent, efficient service
"Mark at Switch My Business has always been extremely helpful and efficient in finding us the best until the deals and handing the transition between old and new companies. Would recommend 100%."This review was posted by Karl Hopkins on the 24th of January 2017
"Aaron Gallagher provided me with a very good service. Simple switch made easy. Thank You"This review was posted by Giani on the 24th of January 2017
"It was an absolute pleasure dealing with Mark. He was courteous, very customer focused. Mark was able to answer all my questions and was very informed. I would have no hesitation recommending your company. Having been a manager in global blue chip organisation I would not hesitate in employing Mark. A definite asset to any team. Cheerful, polite and a lovely disposition."This review was posted by Caroline Dyke on the 24th of January 2017
Very helpful and friendly
"Very helpful and friendly - explained it clearly and made the process quick and easy"This review was posted by Anne O'Hara on the 24th of January 2017
"Mark was a pleasure to deal with and worked hard to provide the best rates and explain what options were available to us without making us feel under pressure."This review was posted by LORRAINE LAWRENCE on the 24th of January 2017