MANY BANKS are failing to provide satisfactory information to consumers on how they can switch personal accounts to rival financial institutions, according to a new study.

The results of a “mystery shopper” exercise undertaken by the Financial Regulator to monitor compliance with the Irish Banking Federation’s Personal Switching Code found that just 59 per cent of the bank branches it surveyed offered adequate information to customers on how to switch banking provider.

The switching code, which was introduced in 2005, is meant to make it easier for customers to change banking provider. Almost 59,000 personal accounts had been switched up to the end of 2008, amounting to an average of 14,750 accounts every year.

Among the financial institutions who have subscribed to the switching code are ACC Bank, AIB Bank, Anglo Irish Bank, EBS Building Society, ICS Building Society, First Active, Halifax, IIB Bank, Irish Nationwide Building Society, National Irish Bank, Northern Rock, Permanent TSB, Postbank and Ulster Bank.

Fifty-one branches of seven banks were visited by Financial Regulator staff, posing as customers wishing to switch their main current account from another bank. The mystery shoppers rated each branch to be satisfactory or unsatisfactory, taking into consideration the accuracy of the information provided, the helpfulness of the bank assistant, the bank assistant’s awareness of the switching process and the provision of a switching pack.