A consumer market study found that 8 out of 10 mystery shoppers were not able to switch their bank account successfully. These results show that the self regulatory initiative based on common principles established by Banking Industry Committee, which was expected to bring clarity for consumers, is clearly not delivering the desired results.

The results of the mystery shopping exercise launched by the European Commission in 2010 to monitor the effectiveness of the self regulation initiative set up by the Banking Industry Committee, show that more than two thirds of mystery shoppers were not able to switch their bank account successfully. In particular, 81% of mystery shoppers had problems switching and 71% of banks would not assist in the transfer, therefore they did not follow the procedures outlined in the Common Principles which to be operative in November 2009.

In addition, while the study also found that 86% of consumers enquiring about a switch either in a bank branch, online or by telephone, did receive information from at least one information source, the level of information provided was found to vary widely. 14% of consumers received no information at all. The study also mentions a low level of awareness about switching among bank staff.

These findings were followed by extensive consultation which led the European Commission to urge the Banking Industry Committee to act. The European Commission is now assessing possible courses of action to adequately address the shortcomings identified in this study with switching.