Page 38 - TSB G Case Study

Moreover, TSB argued that the stranglehold of the high
street banks had changed little since 2008, with the

challenger banks managing to wrest only a 1% share of
current accounts from the dominant players. It also

found that only 2% of bank customers had switched their

accounts via the new seven-day switching service

launched in September 2013 in an attempt to head off a

competition investigation. (7)

In this febrile environment TSB was however, growing

rapidly, adding an average of 1,000 accounts each day

and pushing its total of customer deposits beyond £30bn.
But it is still restricted by this lack of competition in the

British high-street banking industry.

"If you look at the number of people switching,

it is down this year, and it was down last year,"

said Pester.

Pester had repeatedly urged the CMA to adopt proposals

that would make it easier for customers to know how

much they were paying for a bank account. Moreover, he

raised concerns that Brexit would distract from attempts

to increase competition at a time when the number of

bank customers switching accounts across the industry

had fallen by 10%