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Loan Protection: Banks should make switching accounts 'easier'

UK banks have been urged to make switching accounts easier after new research revealed many consumers experienced problems when moving.

Consumer Focus has released a new report which shows that seven per cent of respondents have changed their current account provider over the past two years.

Of those who had made the switch, 44 per cent reported having problems with the process, with a quarter revealing that direct debit transfers had not been carried over.

Sarah Brooks, head of financial services at Consumer Focus, claimed many customers do not consider switching even if their bank provides poor service.

She said: "Until more people are prepared to vote with their feet, there will not be enough pressure on banks to improve their performance.

"Complaints against banks are persistently at an unacceptably high level. We need to promote switching and make it less error-prone if we are to force the banks to raise their game."

Around 75 per cent of customers have never considered changing their current account provider.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt managementADNFCR-2776-ID-800109764-ADNFCR

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