Competition drive to make it easier for customers to compare current accounts
BANK customers could keep their account numbers when they move between lenders, under a consultation planned by the City watchdog for September this year.
And the big banks have agreed to give customers standardised data on their transactions so they can use the Money Saving Expert website to better compare the accounts on offer.
Meanwhile the payments regulator will be empowered more quickly to look at giving small banks direct access to the payments system, so they do not have to rely on bigger banks for basic services.
The raft of moves is designed to improve competition in a historically very concentrated market, and comes after the establishment of a seven-day account switching service last year.
The government hopes to make the banking sector more like the mobile phone industry, where customers change supplier regularly to get the best deals.