March 12, 2015 / 1:16 PM / 3 years ago

UK financial watchdog backs bank account 'portability'

LONDON, March 12 (Reuters) - Allowing customers to keep their bank account number would encourage them to switch to a rival lender, Britain’s financial regulator said on Thursday.

Banks have said account number “portability” would be costly but the Financial Conduct Authority has backed the idea.

“The FCA found that being able to keep bank account details increases consumer confidence in the bank account switching process and that a significant number of individual and small business customers would be more likely to switch if they could retain their account details,” the FCA said in a statement.

Reporting by Huw Jones; editing by Jason Neely

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