Petition Make it simple to switch banks to foster more competition

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Right now it is very difficult to switch banks and they know it. Typically switching current account takes around 3 months and a fair amount of work by the customer.

This prevents competition between banks and prevents new entries into the market, effectively creating an implicit cartel of badly behaved banks.

The government should pass legislation forcing banks to make this process both easy and seamless for customers. Customers should promptly get an exact switch date after which the old account is defunct and the new one has take its place.

This petition is closed This petition ran for 6 months

5 signatures

Progress of the petition towards its next target: 5 of 10,000 signatures required to get a government response

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10,000 signatures required to get a government response

Date closed 6 August 2012
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