Retail account switching carries business risk, expert warns


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 need to consider the business risk inherent in the new account-switching programme and also need to

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