Current account switching services

The current account switch service allows customers of banks and building societies to switch their current account to a new provider in a simple, and stress-free way.

If your business provides a customer with a new current account as part of the switch service, you’re responsible for fulfilling the conditions of the switch guarantee. This includes arranging for the customer’s old account to be closed, opening the new account, moving the balance and switching the payments within seven working days.

Customers’ complaints are generally about the provider of the new account. Customers may complain that:

• there was a problem with, or caused by, the closing of the old account
• there was a problem with the collection of direct debits from the new account
• they incurred charges and/or had issues with their credit report because of a direct debit not being paid
• you took longer than expected to switch accounts
• you didn’t pay them the incentive for switching accounts
• you didn’t issue them with debit cards for their new account
• you didn’t transfer over an existing overdraft or offer a new overdraft

We’ll look at:

• what’s fair and reasonable in the individual circumstances
• what evidence you and your customer provide about the application process (we may ask for screenshots if the application process was online)
• what information you gave your customer as part of the application process and whether you directed them to, and/or clearly explained, the terms and conditions of switch offer and/or the new account
• whether you fulfilled the conditions of the switch guarantee
• what you did to put things right once you became aware of your customer’s problem 

Based on this, we’ll decide if you did anything wrong or unfairly.

You should give your final response to complaints about payment services within 15 days. Find out more about time limits for businesses.

We only look at complaints that you’ve had a chance to look at first. If a customer complains and you don’t respond within the time limits or they disagree with your response, then they can come to us.

Find out more about how to resolve a complaint.

If we find you’ve done something wrong, we’ll ask you to put things right. This could include paying:

• compensation for financial loss, such as refunding charges and interest
• compensation for distress and inconvenience, if appropriate

If we think the customer is entitled to the incentive payment for switching accounts, we’ll ask you to pay this.

If there has been an adverse impact on the customer’s credit report, we can ask you to amend this or to write to the party recording the adverse information to explain what has happened and why.