Current Account Switching Service (on behalf of Pay.UK)
Promoting the impact of the current account switch service
In 2014 government and regulators were beginning to question the low numbers of people switching bank accounts, and the efficacy of the industry’s switching service.
MHP developed a campaign to position the industry’s current account switch service – initially managed by BACS and more recently by PAY.UK – at the forefront of the switching debate, demonstrating the impact of the service on competition and the wider market.
The campaign included reports in partnership with the Social Market Foundation and a series of panel events with participants from across industry, regulators and politics, as well as a targeted briefings programme.
Government and regulatory opinion of the Current Account Switching Service has been transformed – with the service receiving praise from consecutive Economic Secretaries to the Treasury as well as the Competition and Markets Authority.