If proposals from the Independent Commission on Banking are accepted, there could be interesting changes for customers. Money.co.uk has highlighted the main points of interest including:
- Retail banking should be kept separate from riskier investment banking
- For every £100 that retail banks lend, they should set aside £10 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 for financial products should be made more flexible
The Government will decide if these changes can be implemented at the end of the consultation process which is due to finish in September.