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Bank Services: Competition

Question for HM Treasury

UIN 125231, tabled on 29 January 2018

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effectiveness of Open Banking in encouraging consumers to switch current accounts.

Answered on

5 February 2018

The Current Account Switch Service (CASS), have conducted research which suggests that Open Banking will allow consumers to better understand the value of their current account, and compare it with competing products, potentially leading to an increase in switching. CASS will continue to monitor the impact of Open Banking on account switching.

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