ICB report recommends easier current account switching

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ICB report recommends easier current account switching

The Independent Commission on Banking's report published today (Monday 12th) has recommended that customers should be able to switch their current account more easily.

Chaired by Sir John Vickers, the report also argued that people should not be penalised for changing accounts due to hidden charges, a move welcomed by influential consumer publication Which?.

Peter Vicary-Smith, chief executive of Which?, said: "We need a dramatically improved switching process, a regulator which acts to promote competition and a market where banks genuinely have to compete for their customers."

He argued that the government should be clear and act rapidly to promote a more transparent sector as Vickers' report also advocated a ring-fenced retail arm of banks separate from their more volatile market investment arm, a move supported by Nationwide.

Adding that building societies had operated internal ring-fencing for years, Nationwide said the recommendation was the "best way forward" for a safe and secure future for customer finances.

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