Make it simple to switch banks to foster more competition

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Make it simple to switch banks to foster more competition

Additional Information

Right now it is very difficult to switch banks and they know it. Typically switching current account takes around 3 months and a fair amount of work by the customer.

This prevents competition between banks and prevents new entries into the market, effectively creating an implicit cartel of badly behaved banks.

The government should pass legislation forcing banks to make this process both easy and seamless for customers. Customers should promptly get an exact switch date after which the old account is defunct and the new one has take its place.

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