Switching accounts should be easier

THE Competition Authority report into the banking sector says switching personal accounts must be made easier.

In its long-awaited report the Competition Authority said consumers face difficulties in switching their accounts and this must be made easier.

It wants the Irish Bankers Federation to review its existing account switching code, which currently takes around 10 days, and reduce the period. It pointed to Britain where switching time has been cut to three days and the number of people moving between the big banks has doubled.