UK Money News
28th November 2007
Switching problems 'only experienced by very few'
Complaints about switching accounts may have risen in recent months but they are still only undertaken by a "very tiny proportion" of people, it has been claimed.
According to the British Bankers' Association (BBA), in the vast majority of cases swapping personal finance providers is a smooth procedure that occurs without undue difficulty.
It was responding to figures from the Financial Ombudsman Service that revealed complaints about switching between accounts have risen in number by 50 per cent in the last year.
Brian Capon, spokesperson for the BBA, said: "I think people are very much more aware of the banking code nowadays. Even with those figures, let's bear in mind that there are nearly 130 million personal bank accounts, so that's a very tiny proportion."
He added that the banking code required an old provider to supply details of direct debits and standing orders to the new organisation within three days of receiving notice, while the future bank would have ten days to get everything needed to operate the account in order.
Complaints about moving from one account to another have increased this year from 1,200 to 1,800.
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