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BIS: UK Cards response to BIS Call for evidence on switching providers

The Department for Business, Innovation and Skills (BIS) issued a call for evidence on switching suppliers and how the process could be improved, for:

  • energy
  • telecommunications
  • banking (current accounts)

In our response, we have highlighted:

  • There is a very healthy level of credit card switching taking place in the UK.
  • The FCA have just undertaken very considerable work in this area and are currently consulting on a number of remedies intended to address a small number of issues where they thought improvement could be made that would encourage switching.
  • This includes recommendations on Midata related initiatives that are being developed in advance of legal obligations on firms that will arise as a result of the Payment Services Directive 2.
  • Costs, the time taken to complete a transfer and the processes involved are not acting as a barrier to credit card switching.
  • There are extensive and good redress mechanisms already available to credit cardholders.
  • Consequently, there is no obvious or necessary role for further Government intervention in this sector.
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