The Week’s Energy News – 09/12/2016
This week’s energy news covers an acquisition and a host of renewable energy stories. Drax buys Opus Energy ...Read More
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.
"Many thanks to Anthony Pendleton, very courteous and polite, explained everything in right amount of detail and very helpful in sorting out the business utility switch. Would thoroughly recommend."This review was posted by Nicola on the 28th of November 2016
"Rachael Grindrod was excellent, very friendly and helpful."This review was posted by Maria Allen on the 29th of November 2016
"Thanks to Jonathon Burgess who was a great help switching electricity for a charitable organisation. The process was complicated and his patience was appreciated as well as his proffesional attitude. We would not have completed the process without his help. Thanks Dawn"This review was posted by Dawn Kerr on the 29th of November 2016
Great service from Rachel Grindrod. Thanks.
"Great service Rachel"This review was posted by Craig Hewett on the 30th of November 2016
Easy to Switch
"Using SwitchMyBusiness made changing electricity suppliers easy. Thank you Anthony Pendleton for your professional approach with advising on which supplier to use."This review was posted by Vanessa Gernat on the 01st of December 2016