This is what real innovation in banking would look like — virgin.com

Last week the Financial Conduct Authority published their review into the Current Account Switch Service (CASS). The report sets out their findings regarding the effectiveness of CASS - a system designed to make it easier for customers to move their current accounts between banks. It also sets out some initial findings on Account Number Portability. In our view, the big banks have had control of current accounts in the UK for too long. Customers do not switch between providers because there is little to choose between them. As a result, customers don't get the best deal, there is little innovation and the big banks continue to dominate the market and remain too big to fail. That being the case, CASS will do little to improve things.

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