IFSRA to track bank accounts switch

THE financial services watchdog is to monitor if banks smoothly facilitate customers who want to switch personal accounts to another institution.

On Monday, the 14 financial institutions that offer personal account products will implement a new framework which should, in theory, make it easier for account holders who want to switch.

The Code of Practice on Switching Accounts, drawn up by the Irish Bankers’ Federation, will place the onus on the institutions, and not the account holder, to smooth the changeover.