Bacs cookie policy

We use cookies on our website to provide you with the best possible online experience. By continuing to use this site, you give consent for cookies to be used. Please read our cookie policy for more information and details on how to change your preferences. Cookie Policy.

​​​​​​​

Marking five years of the Current Account Switch Service

Anne Pieckielon, Director of Product and Strategy, BacsPosted on 21 September 2018

This week we’ve been marking the fifth anniversary of the Current Account Switch Service with a range of activity, alongside our industry partners.

This has included the launch of a new discussion paper​ - focusing on the future of account switching - a stakeholder strategy day, and a celebratory event to formally mark the milestone. We’re also just about to launch a new advertising campaign, aimed at those who could benefit the most from switching.

It’s hard to believe that it’s been five years since the service went live and what is clear is that delivering an innovative, customer-centric, industry-wide initiative such as this can only be achieved through collaboration.

​Now encompassing 47 brands, accounting for around 99 per cent of the current account market, the service has brought together the switching community with the single focus of empowering customers to get the best deal. Only by working together has it been possible to inject competition into the market and thereby deliver better outcomes for all.

While the fifth anniversary has given us this opportunity to celebrate the success achieved so far, the determination to continue this hard work is as strong today as it was when the service was launched in September 2013. Simply put, we aren’t resting on our laurels and are already planning for 2019 and beyond.

In a sector which is evolving at a speed not seen before, and at a pace we perhaps couldn’t have fully appreciated even five years ago, we are committed to stimulating a wider debate around how best to harness the full benefits of technological and regulatory change to the advantage of all end-users.

So, while we take a moment to thank all those across the industry who have worked hard to make the Current Account Switch Service a success, let’s now look to the future and ensure that we do all we can to ensure it’s a bright one.


Some images from the fifth anniversary event​

 
 

Paul Horlock, chief executive of the New Payment System Operator (NPSO)

Marking the Current Account Switch Service’s fifth anniversary

The Current Account Switch Service journey so far

Jo Kenrick independent non-executive chair, Current Account Switch Service

Paul Horlock, chief executive of the New Payment System Operator (NPSO)

Showcasing some of our campaign imagery