Study: 14m Britons looking to switch banks next year

22 October 2012

Millions of Britons will look to change bank following a legal reform intended to make switching accounts easier.

A poll conducted by YouGov has established that 14 million people are prepared to move financiers when this legislative alteration comes into force in 2013, the Independent reports.

This equates to around 33 per cent of all consumers with a bank account being "highly likely" to move and suggests that many people are happy with the reforms put forward in the Vickers report.

Under the terms of the proposed alterations, the government would make switching providers as easy as moving mobile phone companies.

However, despite the clear threat of losing a large proportion of their customer base, industry experts told YouGov many banks are still not doing enough to convince people to stay with them.

Indeed, 66 per cent of consumers surveyed indicated they are currently dissatisfied with the level of service they are receiving from their financier.

By Asim Shah

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