Call for easy switching of bank accounts

SMALL businesses are calling on banks to make it easier for them to switch their accounts between financial institutions.

In its submission to the Competition Authority study on banking, the Small Firms Association is calling for the introduction of an independently monitored code of practice to allow easier switching of accounts.

SFA director Pat Delaney also called for the retention of Section 149 of the Consumer Credit Act, which obliges banks to notify the consumer affairs director if they want to increase any non-interest charges. This function is now carried out by the Irish Financial Services Regulatory Authority.