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Posted by Mark Cunningham

The majority of people in the UK are afraid to switch their current accounts to a new bank, with Consumer Focus citing fears such as errors and negative effects on credit ratings as reasons behind this.

According to the watchdog - which is soon to be axed as part of the government's plans to scrap quangos, with its responsibilities divided between Citizens Advice and local Trading Standards offices - over eight million Britons have considered changing but not done so.

In the last two years, just seven per cent have taken such action - far below other sectors such as energy at 31 per cent, home insurance at 22 per cent and telecoms at 26 per cent.

Furthermore, 29 per cent who have not moved accounts are not happy with their banks.

Head of financial services with the organisation Sarah Brooks said: "Banks must be fair and upfront about their charges so consumers can make informed choices about which bank offers the best deal."

11/10/2010 17:00