British banking customers ‘on the move’

With debt management difficulties mounting up for millions of people around the country, the financial comparison service has discovered that close to 2.29 million banking customers have changed their service providers over the course of the last three months.

“Current accounts are the major personal finance issue in the UK at the moment with customers rebelling over fees and the OFT [Office of Fair Trading] launching an investigation,” said Sean Gardner, chief executive of MoneyExpert.com.

According to the financial comparison firm, there are as many as 12,700 consumers who decide to change their current account provider each day in Britain and this figure looks set to continue increasing.

Those people facing credit card debt concerns could be interested to learn that the OFT is also investigating the different methods used by finance firms to calculate their rates of interest.