In response to the Governments acceptance of recommendations aimed at a better deal for customers and greater competition in the Parliamentary Commission for Banking Standards report, Move your Money called on banks to 'get on with it' and publish service and price information for customers now, so they can make informed decisions about switching.
Laura Willoughby MBE from campaigning website MoveyourMoney.org.uk said:
"There is no time like the present for the banks to get-on-with-it and let customers know how much their bank account really costs and if customers think their service is shocking. With 7-day switching starting in September the growing army of bank switchers need to know where and how they can bank on something better. Banks should not be waiting for Government to tell them what to do and should just get on with it.
"We will be writing to all banks asking them to make public the information we think customers need to know ahead of the launch of the 7-day account switching in September. We want every bank's switching figures to be made public – so customers can see who is going where, transparency around annual cost of personal bank accounts and information about where banks invest customers' money.
"We are all for an investigation that puts customers at the heart of better banking – it's just a shame that banks haven't recognised their customers as people before now, and provided this information without being chased."
Bank customers are moving which signals that they want to see change. 2.4 million customers left the UK’s five biggest banks in 2012. The figures, based on quarterly market polling publically available, show a mass movement away from the big banking groups, Lloyds, RBS, Barclays, HSBC and Santander. This represents a 5% point loss of the market share of current accounts, and demonstrates a massive response from ordinary people to a year of scandal by voting with their feet and switching who they bank with.
From September the rules governing switching bank accounts will change, limiting the time it will take to change banks to only 7 working days. Today’s research suggests that up to 9 million people may be more likely to switch as a result of these changes. Separate research from YouGov predicts that the number could be as high as 14 million.