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Credit card claim: Current account switching moves closer

Plans to speed up the process for switching to a new current account has moved a step closer after the Payments Council announced it is still on track.

From September, consumers should be able to move their current accounts to a different bank or building society in seven working days. Banks participating in this will have a logo and guarantee on display.

Earlier this year, the government announced its plan to speed up current account switching after it was decided that more needed to be done to increase competition within the financial sector.

It was feared that customers were not getting the best deals on their financial products as the most major banks held the lion's share of accounts.

Other measures that have been introduced to encourage competition include allowing smaller banks to hold less capital to trade, helping to free up more money to lend to customers and improve deals.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-801597590-ADNFCR



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