Support for bank switching within EU

Banks in the UK have given their support to plans which would see customers able to move freely between banks within the European Union.

However, despite supporting the idea of allowing people to switch banks, concern has been raised about the way in which it is done.

Proposals have been put forward which would mean people have a single bank account number which they keep for life and can move to different banks.

Angela Knight, chief executive of the British Bankers’ Association (BBA) says that this would not be ideal and said that the BBA supports mobility but not portability.

“UK banks support EU initiatives to give customers greater choice and freedom. I believe the UK already leads the way in helping people move from bank to bank. We have a model here which would help cut out unnecessary red tape and give customers a fast, safe and effective way to move their account,” said Ms Knight.

“Proposals for one single account number from cradle to grave across the whole of the EU won’t work and could lead to less customer choice. Every country has its own way of doing things which would make it a nightmare to dovetail systems across all member states.

“It also fails to take into account the way people want to bank – for example having one account for the bills and another for saving,” she added.

Ms Knight said that she believes the current UK system of switching banks leads the way across Europe.

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