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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.
"Very easy. Bea Luseni very efficient & knowledgeable."This review was posted by Alan Duffy on the 31st of March 2017
Super helpful and easy to work with
"Recommend this company in a heartbeat - Nicole Borneuf was super easy to talk to, was not pushy in the slightest, very helpful and replied with all my questions very professionally and did all she could to help. I had to deal with a few companies to sort my business energy out, all but Nicole were too pushy for my liking and I refused to follow through with them. Thank Nicole - you are a credit to your company, thank you for making the stressful energy change so easy."This review was posted by Mia Drew on the 29th of March 2017
An Extremely Competent Company
"Switch my business has not only helped my SME secure a good energy deal for the second year running but Jessica swiftly found a alternative supplier for me when I was let down on the day of switching by the new contractual provider I had chosen some 4 months previously. Being suddenly out of contract and without provider is everyone's energy nightmare. Greatest thanks."This review was posted by S McMillan on the 29th of March 2017
Helpful, friendly and we saved lots of money!
"Jessica Purnell was helpful and friendly, she made the whole process easy and simple AND we saved lots of money thanks Jess"This review was posted by Melanie Baker on the 23rd of March 2017
Quick & Easy
"Kabibi was very helpful and the whole process was very efficient. The one small reservation I had was that I was phoned up by Kabibi almost immediately having received my online quote - which wasn't enough time for me to finish reading the quotes! Fortunately she was able to assist me in a greater savings on both Gas & Electricity, and so as long as the switchover is seamless I will remain very happy with the service."This review was posted by Amanda Brown on the 21st of March 2017