Introduce Portable Bank Account Numbers

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Introduce Portable Bank Account Numbers

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This petition would require the government to ensure UK citizens were given their own personal, portable bank account number.

Which? has said portable account numbers would remove the need to change existing direct debits and standing orders and make switching banks easier. Portable bank account numbers will reduce barriers to entry for new banks, creating innovation and competition for our custom resulting in better products and customer service.

In addition the OFT report published on 25th Jan 2013 found that consumers rarely switched bank accounts and there were still too few new entrants offering accounts. Portable bank accounts will help the UK improve its competitiveness, tackle fraud more effectively and defend the economy from banking runs.

Other benefits include generating greater revenues for business, reduced costs and an improvement in the velocity with which money can move around the economy.

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