Nationwide reports rise in UK account switching – but critics remain unconvinced

Nationwide has reported a major increase in customers switching accounts - but some question whether it's down to the new service

Nationwide has reported a significant increase in the number of customers switching their main current account to the building society, following the introduction of the new seven day account switching service on 16 September – but not everyone is convinced.

Mobile wallets face uphill struggle in UK

UK consumers have yet to be convinced by mobile payments

Less than one in ten UK consumers has used a mobile wallet, despite the widespread availability of the technology, a new study has found.

Millions prepare to switch banks as UK switching service launches

Challengers such as Nationwide and Metro Bank will benefit from the new rules, which are designed to drive up competition

Experts are saying millions of people will abandon their old banks and switch to a new provider, following the introduction of new rules on 16 September designed to make it easier to change banks. But estimates vary widely, from single digits to tens of millions.

Zapp zeroes in on UK banks as mobile banking competition builds

Zapp hopes to sign the major UK banks - but will face competition from Barclays

Mobile payments specialist Zapp is expecting to sign up five of the six major UK banks within the next few weeks, following a deal with acquirer WorldPay, announced this week. However, the platform still has a long way to go to catch-up with rival Barclay’s Pingit, which has a significant head-start, having launched in February 2012.

Big brother is watching: Russia’s BCS installs surveillance tools

BCS will use b-next surveillance tools to track trading activity

Russia’s BCS Financial Group has chosen to install market abuse surveillance, insider dealing and compliance tools from specialist firm b-next, as the firm prepares to enter the UK market.

UK account switching rising – but still below par

New research points to a gradual rise in account switching in the UK

Retail banking competition is likely to heat up over the next decade, with millions more people switching accounts every year, according to new research published by the Centre for Economics and Business Research. But current levels are still far behind those found in other industries such as electricity and gas utilities, the study found.

UK mobile payments held back by security and complexity

Mobile payments need to be simpler and safer says Zapp

With only one in five UK consumers using their mobile to make payments, new research suggests that the technology is being held back by consumer fears over security, lengthy sign-up processes and problems making payments outside of individual schemes.

UK Payments Council sets September date for account switching

From 16 September, UK customers will be able to switch their account within seven days

The UK Payments Council has set a date for the introduction of the seven-day account switching service, which will make it easier for UK customers to switch their bank.

The new FCA – don’t have nightmares

Neil Herbert

Is there anything to fear about the new FCA? Well, possibly quite a lot, it would seem. A hundred or so days into the new era of the FCA and it would be hard for anyone in the wealth management or private banking sector to have missed the message that the regulation of the sector is going to be different from now on.

UK retail bank reform: a road to nowhere?


The introduction of seven-day account switching in the UK in September is a fundamental pillar of UK government plans to inject more competition into retail banking. But the plan has its critics – some of whom warn it may achieve the opposite of what it intends.