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Tuesday 27th November 2007
The British Bankers' Association (BBA) has sought to reassure consumers after the Financial Ombudsman Service recently disclosed that complaints about moving current accounts from one bank to another have risen by 50 per cent in the last year.
The number of complaints about switching current accounts has gone up from 1,200 to 1,800, but the BBA said that this was still only a problem for "a very tiny proportion" of the nearly 130 million personal bank accounts in the UK.
Brian Capon from the BBA said: "Occasionally things will go wrong and there will be unforeseen delays but hopefully they will be few and far between."
He also explained the banking code's current regulations on switching, saying: "If I went into a bank today with all the right documents and proof of who I was and that sort of thing, and they accepted me, my old bank would have three days from receiving the request from the new bank to provide details of standing orders and direct debits.
"My new bank would have ten working days during which to get me everything I need to operate that bank account. That is laid down in the banking code."
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