The Payments Council today confirms that there is just one year to go until the introduction of its new, free-to-use current account switching service. The new system, which will be launched in September 2013 and has the backing of HM Treasury, aims to increase competition in banking by making it easier and quicker for customers to switch their current account from one bank to another.
The new account switching system will give customers:

• a faster service - reducing the time it takes to switch an account from 18 to 30 days to just seven working days;
• a hassle-free service - all payments will be automatically transferred to a customer’s new account;
• peace of mind – the new service will be backed by a customer guarantee.

Adrian Kamellard, Chief Executive of the Payments Council comments: “Ultimately, an improved account switching service will only deliver more competition in the market place if customers actually use it. This is why we aren’t just building a new service but the industry is making a huge investment to promote it through national TV and radio advertising from next September. We need to make sure that customers are aware of the new service and have confidence in the many benefits it will deliver.”....Read more here: CCR Magazine - One year to go: new faster, easier account switching to be ready for customers in September 2013