Treasury written question – answered at on 24 January 2013.
To ask the Chancellor of the Exchequer what assessment his Department has made of the potential cost of the Government creating an IT system to facilitate retail bank account portability.
Following recommendations by the Independent Commission on Banking, the Government has secured an industry commitment to deliver a seven-day account switching service by September 2013.
The Government has been clear that further measures, including ‘full account portability’, will be considered if this service does not deliver the expected consumer benefits.
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