Fair play guys: account switching seems to have worked

Let's not get too comfortable though, writes Douglas Blakey.

After all the hype and the ads and the PR activity relating to account switching, fairs fair: the banks have got off to a decent start. The system works. Complaints about the seven day deadline not being met are few and far between.

More than 35,000 UK customers have started to switch their bank account in the past three weeks. Add to the mix positive stats from the comparison website Moneysupermarket.com – it has reported a 45 percent increase in the number of visitors to its site looking to switch their current account.

Among the winners: Nationwide reports a near 80 percent rise this month in new customers switching to the UK’s largest mutual. HSBC subsidiary First Direct says calls from potential switchers have doubled.

Metro Bank has also issued upbeat news about having to double the number of staff handling account switchers. Let us not however get carried away. Last year, 1.2 million current account customers or around 2.6 percent of the total 46 million accounts were switched.

So call it about 23,000 customers per week. For the full month since seven day account switching went live, it might be fair to estimate that account switchers have doubled year-on-year.

If sustained over the longer term that would mean that around 5 or 6 percent of current account customers will switch. A significant increase and one that makes the exercise worthwhile, albeit at a total industry wide cost of £750 million in IT expenses.

But way off some of the wilder and unrealistic predictions from the more excitable commentators that up to a quarter of us might switch our main bank account. Such guestimates were never realistic and are unlikely to come close to being realised.

Meantime, spare a thought for the beleagured souls at the UK arm of National Australia Bank: that is Clydesdale Bank and Yorkshire Bank to you and me. Clydesdale Bank somehow contrived to mess up mortgage calculations for 42,500 customers.

It was bad enough that it got its sums wrong a first time and copped a £9 million fine from the regulator for a blatant failure to treat its customers fairly. It has now somehow achieved a double whammy of appalling PR by paying out compensation twice to some of its customers. Not perhaps the best week to be a member of the account switching team at Clydesdale.

Photograph: Getty Images

Douglas Blakey is the editor of Retail Banker International

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25 times people used Brexit to attack Muslims since the EU referendum

Some voters appear more interested in expelling Muslims than EU red tape.

In theory, voting for Brexit because you were worried about immigration has nothing to do with Islamophobia. It’s about migrant workers from Eastern Europe undercutting wages. Or worries about border controls. Or the housing crisis. 

The reports collected by an anti-Muslim attack monitor tell a different story. 

Every week, the researchers at Tell Mama receive roughly 40-50 reports of Islamophobic incidences.

But after the EU referendum, they recorded 30 such incidents in three days alone. And many were directly related to Brexit. 

Founder Fiyaz Mughal said there had been a cluster of hate crimes since the vote:

“The Brexit vote seems to have given courage to some with deeply prejudicial and bigoted views that they can air them and target them at predominantly Muslim women and visibly different settled communities.”

Politicians have appeared concerned. On Monday, as MPs grappled with the aftermath of the referendum, the Prime Minister David Cameron stated “loud and clear” that: “Just because we are leaving the European Union, it will not make us a less tolerant, less diverse nation.”

But condemning single racist incidents is easier than taking a political position that appeases the majority and protects the minority at the same time. 

As the incidents recorded make clear, the aggressors made direct links between their vote and the racial abuse they were now publicly shouting.

The way they told it, they had voted for Muslims to “leave”. 
 
Chair of Tell Mama and former Labour Justice and Communities Minister, Shahid Malik, said:

“With the backdrop of the Brexit vote and the spike in racist incidents that seems to be emerging, the government should be under no illusions, things could quickly become
extremely unpleasant for Britain’s minorities.

“So today more than ever, we need our government, our political parties and of course our media to act with the utmost responsibility and help steer us towards a post-Brexit Britain where xenophobia and hatred are utterly rejected.”

Here are the 25 events that were recorded between 24 and 27 June that directly related to Brexit. Please be aware that some of the language is offensive:

  1. A Welsh Muslim councillor was told to pack her bags and leave.
  2. A man in a petrol station shouted: "You're an Arabic c**t, you're a terrorist" at an Arab driver and stated he “voted them out”. 
  3. A Barnsley man was told to leave and that the aggressor’s parents had voted for people like him to be kicked out.
  4. A woman witnessed a man making victory signs at families at a school where a majority of students are Muslim.
  5. A man shouted, “you f**king Muslim, f**king EU out,” to a woman in Kingston, London. 
  6. An Indian man was called “p**i c**t in a suit” and told to “leave”.
  7. Men circled a Muslim woman in Birmingham and shouted: “Get out - we voted Leave.”
  8. A British Asian mother and her two children were told: "Today is the day we get rid of the likes of you!" by a man who then spat at her. 
  9. A man tweeted that his 13-year-old brother received chants of “bye, bye, you’re going home”.
  10. A van driver chanted “out, out, out”, at a Muslim woman in Broxley, Luton
  11. Muslims in Nottingham were abused in the street with chants of: “Leave Europe. Kick out the Muslims.”
  12. A Muslim woman at King’s Cross, London, had “BREXIT” yelled in her face.
  13. A man in London called a South Asian woman “foreigner” and commented about UKIP.
  14. A man shouted “p**i” and “leave now” at individuals in a London street.
  15. A taxi driver in the West Midlands told a woman his reason for voting Leave was to “get rid of people like you”.
  16. An Indian cyclist was verbally abused and told to “leave now”. 
  17. A man on a bike swore at a Muslim family and muttered something about voting.
  18. In Newport, a Muslim family who had not experienced any trouble before had their front door kicked in.
  19. A South Asian woman in Manchester was told to “speak clearly” and then told “Brexit”. 
  20. A Sikh doctor was told by a patient: “Shouldn’t you be on a plane back to Pakistan? We voted you out.”
  21. An abusive tweet read: “Thousands of raped little White girls by Muslims mean nothing to Z….#Brexit”.
  22. A group of men abused a South Asian man by calling him a “p**i c**t” and telling him to go home after Brexit.
  23. A man shouted at a taxi driver in Derby: "Brexit, you p**i.”
  24. Two men shouted at a Muslim woman walking towards a mosque “muzzies out” and “we voted for you being out.”
  25. A journalist was called a “p**i” in racial abuse apparently linked to Brexit.