Consumer Panel calls for portable bank account numbers

The Financial Services Consumer Panel has today called for portable bank account numbers so that consumers find it easier to move their account. The Consumer Panel believe that increasing competition with a transparent charging structure is key to delivering better services for consumers.

Speaking at today’s British Bankers’ Association Complaints Handling Seminar, Consumer Panel Member Mike Dailly has also called for a greater commitment from banks to resolve complaints swiftly and more fairly.

Mike Dailly, commented:

”One of the underlying causes of bad bank behaviour and complaints is a lack of competition and transparent charging structure in the UK banking industry. It’s only a matter of time before ‘trouble-free switching’ of current accounts takes-off in the UK, and consumer savvy bank customers start shopping around.

Greater competition between banks and ‘trouble-free switching’ will drive choice and value for money for consumers. Fully portable account numbers would be a great leap in the direction of greater competition as seen in the mobile phone industry.

Banks need to get serious about complaints. The process needs to be streamlined through technology and made less adversarial and confrontational. Consumers deserve fairer outcomes and banks need to start rebuilding their damaged reputation by putting customers at the heart of their service, to retain their loyalty and money.”

1. Read Mike Dailly’s speech to the BBA Complaints Seminar[1] [PDF].


 
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3. The Consumer Panel is a statutory body under the Financial Services and Markets Act 2000 and was initially established by the Financial Services Authority in December 1998. The Panel advises the FSA Board on the interests and concerns of consumers and reports on the FSA’s performance in meeting its objectives.


 
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5. The emphasis of the Panel’s work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA’s remit. More information about the Panel's work is available on this website.


 
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7. From the 1st April 2011 there are fifteen members of the Panel as listed below. Panel members are appointed to serve a maximum of two terms of three years. Further information on individual members[2].