photo credit: Armando Maynez
This week the Independent Commission on Banking published its proposal to change banking in the UK, and if the proposals are eventually accepted, there could be interesting changes for customers.
Money.co.uk has a round-up of the main points of interest, including:
- Retail banking should be kept separate from riskier investment banking.
- For every £100 retail banks lend, they should set £10 aside as a safety buffer.
- It should be easier for customers to switch accounts.
- Portable account numbers should be introduced so that you don’t need to change direct debits and standing orders when you switch.
- A 7 day transfer period should be enforced to speed things up when you move your banking from one current account provider to another.
- Eligibility criteria for financial products should be made more flexible.
The recommendations will now go through a consultation process which will end in September, at which point the Government will decide if these changes can be implemented.