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Retail account switching carries business risk, expert warns

Complying with new account-switching rules not enough without consideration of business risk

7-days

UK banks need to ensure that a new account-switching exercise is more than just an operational compliance activity, one expert has warned. An announcement this month by the Payments Council highlights that from September switching bank accounts in the UK must take a maximum of seven days. The new current account provider will take care of all payments going in and out of the account.

But banks

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