Press Release: Consumers: Switching bank accounts – 8 out of 10 mystery shoppers faced difficulties

Switching your bank account may not be as easy as you hope. Results of a consumer market study show that more than two thirds of mystery shoppers were not able to switch their bank account successfully. The Commission's 2007 inquiry into the retail banking sector identified significant barriers to customer mobility.

These findings were followed by extensive consultation which led the European Commission to urge the Banking Industry Committee (EBIC) to act. EBIC established a self regulatory initiative based on common principles, which was expected to bring clarity for consumers, but today's results show that self regulation in this case is clearly not delivering the desired results.