Even after the TSB banking debacle, it’s unlikely that many of their customers will switch to another bank, given that just 1-2% of UK consumers switch each year with most being put off due to the hassle.
Yes, the new Current Account Switch Service has made the process easier, but it’s disappointing we never got the true “bank account number portability” mooted a couple of years ago, in which consumers could keep their account number and sort code for life and so eliminate practically all hassle.
No doubt this would be an almighty pain in the arse for banks to implement, but they figured out Faster Payments, so I’m sure they could figure out number portability! The only problem is that portability would harm the prospects of the big incumbents, who were unsurprisingly successful in shutting the whole idea down.
mssv 