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Many people unaware of seven day switch service


The Financial Conduct Authority (FCA) has found that people are unaware of the seven day service in place to help people switch bank accounts.

The regulator has said that the service has made little impact, due to its low publicity. People are not switching bank accounts as they lack confidence in the fact that everything will be sorted for them in seven days. They believe banks should do more to raise awareness of the scheme through marketing campaigns, creating a fairer market place.

A total of 1.6 million people have switched their bank account since the service was introduced in September 2013. Transfers hit their peak in November 2013, when 105,802 people switched - compared to 91,615 in February this year.

The FCA has claimed that for the people who are using it, the service is working well. The banking industry agreed to make further improvements to the switching service, to make it a more attractive option for consumers in the future. The Payments Council has also advised that there will be more advertising campaigns to get the message out there and raise confidence in the service.

Christopher Woolard, director of strategy and competition at the FCA said:
"More needs to be done to raise awareness of the tools which already exist to enable customers to move around,"

Five high street banks now offer cash incentives to encourage people in moving their bank accounts.

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