Banks: Campaign urges ethical switch by customers
(Guardian (UK) Via Acquire Media NewsEdge) Campaigners are encouraging customers to make use of new rules due to come into force later this month that will make it significantly easier to switch banks. The rule change has sparked a round of promotions from large banks hoping to poach customers, but one campaign group hopes to persuade people to pick a bank based on ethics.
The Move Your Money campaign, loosely associated with the UK Uncut anti-tax avoidance group, was launched in 2012 and urges those upset by high bonuses and dubious business practices to extricate themselves from big banks.
It claimed 2.4 million people left Lloyds, Royal Bank of Scotland/NatWest, Barclays, HSBC and Santander over the year.
The campaign is being relaunched with funding from the Joseph Rowntree Trust, among others, before new Payments Council regulations due to come in during September which will compel banks to ensure customers can switch their current accounts within seven working days, a process that can currently take more than a month.
Move Your Money is to release a "scorecard" ranking dozens of financial institutions on everything from perceived honesty and alleged complicity in criminal activity to bonus culture and board structure, as well as customer service and how their lending policies affect the economy. Peter Walker
(c) 2013 Guardian Newspapers Limited.
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