Current account switching services

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.

When we look at complaints about switching their current account, we use the regulatory and legal standards that applied at the time of the event the customer is complaining about.

The Current Account Switch Service allows customers of banks and building societies to move their current account 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 within seven working days. This includes:

• arranging for the customer’s old account to be closed
• opening the new account
• moving the balance, and
• switching the payments.

You’ll find rules, guidance and good practice on current account switching, in:

• the Banking: Conduct of Business sourcebook (BCOBS), and
• Payment Accounts Regulations.

We only look at complaints you've had an opportunity to deal with first. If the consumer is unhappy with your decision – or you don't respond to them within the time limits – they can come to us. 

Each case is different, so what we require will vary. But we’ll look at the facts and evidence from both you and your customer. What we consider will usually include:

• relevant laws, rules and regulations, guidance, standards and codes of practice that were in place when the event happened, including the Consumer Duty
• your customer’s circumstances
• what information you gave your customer as part of the application process and whether you directed them to, and clearly explained, the terms and conditions of switch offer or the new account
• whether you fulfilled the conditions of the switch guarantee.

We may ask additional questions, or for specific information, for example, screenshots if the application process was online.

We follow the FCA’s dispute resolution rules (DISP) and will take into account how you’ve tried to sort out the problem.

If we uphold a consumer's complaint, we'll tell you what you need to do to put things right. That might be, for example, by:

• refunding charges and interest
• paying an incentive or bonus that the customer may be entitled to
• correcting any issues with their credit report, if appropriate.

We may also ask you to compensate them for any distress or inconvenience they’ve experienced as a result of the problem.

How we handle complaints

Businesses and consumer advisers can contact our Business Support Hub on 020 7964 1400 for information on how we might look at a particular complaint, or for guidance on our rules and how we work.

We also work with businesses and other organisations to help prevent complaints.