Customers will be able to manage their money and compare products from different banks in a single digital app under radical reforms designed to "shake- up" the industry.The Competition and Markets Authority (CMA) has unveiled a package of measures which it says should help customers shop around to get a better deal and allow smaller and newer banks to grow.
Under the changes banks will have to publish trustworthy and objective information on quality of service on their websites and in branches, allowing customers to see how they stack up compared to the competition.
"Our reforms will increase innovation and competition in a sector whose performance is crucial for the UK economy."In the future, people and small businesses will be able to manage accounts held with different providers in a single digital app..
The watchdog says this will help customers take more control of their funds, for example by making it easier to move money around and avoid overdraft charges.Banks will have to put this "open banking" measure into place by early 2018, the CMA said, adding: "Many people are paying more than they should and are not benefiting from new services."
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Alasdair Smith, chairman of the CMA's retail banking investigation, said: "We are breaking down the barriers which have made it too easy for established banks to hold on to their customers.
"Our reforms will increase innovation and competition in a sector whose performance is crucial for the UK economy."In the future, people and small businesses will be able to manage accounts held with different providers in a single digital app..
The watchdog says this will help customers take more control of their funds, for example by making it easier to move money around and avoid overdraft charges.Banks will have to put this "open banking" measure into place by early 2018, the CMA said, adding: "Many people are paying more than they should and are not benefiting from new services."
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