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LONDON, Sept 30 (Reuters) - Britain is reviewing whetherbank customers should be allowed to switch lenders using theirexisting account number in a bid to boost competition, as in themobile phone market.
The Financial Conduct Authority (FCA) said on Tuesday itsreview would look at the effectiveness of a key changeintroduced last year: allowing customers to switch accountswithin seven working days.
The review will also look at so-called portability, or goinga step further to allow people to keep their account number evenif they move to another bank, just as they can when they switchmobile phone providers.
"It could also remove the need to change direct debits andstanding order instructions, which is a key area where perceivedor actual problems with switching, such as missed mortgagepayments, can arise," the FCA said in a statement.
High-street banking in Britain is dominated by just fivelenders: HSBC, Lloyds, Barclays, RBS and Santander UK.
So-called challenger banks such as Virgin Money andAldermore are starting to make inroads but too slowly forlawmakers.
"A key part of our long term economic plan is to increasecompetition in the banking sector. Enabling customers to movebank accounts easily, quickly and reliably is an important partof this," Andrea Leadsom, a junior UK finance minister, said ina statement.
The review of the existing switching service and possibleintroduction of account number portability will be concluded inthe first quarter of 2015. (Reporting by Huw Jones; Editing by Mark Potter)
