Adam Afriyie – 2014 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Adam Afriyie on 2014-04-07.

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect the introduction of seven-day bank account switching has had on the number of people changing bank account provider; and if he will make a statement.

Andrea Leadsom

The Current Account Switching Service launched in September of last year, and has had a very positive impact. Early signs are positive, with switching numbers in Q4 of 2013 up by 17 per cent compared to Q4 of the previous year.

The Financial Conduct Authority will carry out a review in September of this year into the effectiveness of the Current Account Switching Service. This will include an assessment of the effect the introduction of seven day account switching has had on the number of people changing bank account provider.