The Payments Council today (16th August) announces the official launch date for the new Current Account Switch Service, designed to make switching current account from one provider to another simpler, reliable and hassle-free.
From Monday 16th September 2013, 33 bank and building societies brands – accounting for virtually 100% of the current account marketplace – will deliver the new switching service for consumers, small charities and small businesses.
Each current account provider will use the Current Account Switch Guarantee, detailing the benefits of the service, and will display the accompanying Trustmark in branch, online and in supporting literature.
Adrian Kamellard, Chief Executive of the Payments Council, comments, “After two years of work and commitment by the Payments Council and financial institutions to develop this new standardised switching service, today marks a significant day for all parties involved.
“There is now just one month to go until the launch of the Current Account Switch Service and as final preparations are made for launch we look forward to a new era of account switching which will lead to greater choice for customers and wider competition in the marketplace.”
More information about the new service, including frequently asked questions and an animated film explaining how the switching process will work, is available to view at www.paymentscouncil.org.uk/switch_service.