Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will make an assessment of the potential costs to the banking sector of changing the current seven-day period for switching bank accounts to a five-day period.

The Chancellor’s Autumn Statement confirmed that the Government has asked the Financial Conduct Authority (FCA) to look at the question of a 5-day switching period, as part of its current review of the switching service, and to advise on this question before Budget 2015.