22 May 2017

TSB’s manifesto for change

Three principles to get consumers a better deal and create a stronger economy that works for everyone

TSB is calling on all political parties to sign-up to its Consumers Matter Manifesto and adopt three principles to get consumers a better deal.

A General Election represents a real opportunity for politicians to give consumers a fresh start and deliver something meaningful to improve the products and services consumers get and potentially save them money.

Some of the UK’s most important markets – such as energy, telecoms or banking – are not working for consumers.  That’s why TSB is calling on politicians to pledge three simple principles which will help make the industries people value the most work in their interest:

  1. Ensure consumers know what they are getting.
  2. Let consumers shop around freely.
  3. Enable consumers to vote with their feet and switch easily.

Paul Pester, Chief Executive Officer for TSB, says: “In the sectors that matter most to consumers a handful of big, established players have a stranglehold on their market.  They are taking customers for granted, pushing up bills, trapping them on poor deals, bamboozling them with jargon and making it almost impossible to switch.

“It’s time for change, and for consumers, not businesses, to be put at the centre of the industries that people value the most.  This will not only be good for individual consumers, it will be good for the whole economy.”

TSB was created to bring more competition to UK banking and ultimately make banking better for all UK consumers.  However, many of the problems consumers face in banking can be found across the markets that people rely on the most.

In the banking industry alone:                                                                                              

  • Consumers don’t know how much they are paying for their “free” bank accounts or if they can get a better deal elsewhere – as banking must be the only industry that doesn’t tell customers how much they pay for the services they receive through a regular bill.
  • Many people are punished for shopping around for a loan – with 61% of open loan providers making a hard mark on their credit file just for asking for a loan price or quote.
  • The customers who would benefit most from switching are the least able to switch  – overdraft customers are effectively locked into their current bank, because the switching service doesn’t switch overdrafts.

Paul Pester says: “Once consumers are empowered to vote with their feet, complacent businesses will need to up their game and become fit for competition.  If businesses are forced to learn these lessons at home they will become more dynamic and better able to compete on a global platform.  Ultimately that will mean a stronger UK economy that works for everyone.”

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Notes to editors

About TSB

 

TSB was built to bring more competition to UK banking and ultimately make banking better for all UK consumers. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.

We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.  

Our five million customers appear to notice: TSB is Britain’s most recommended high street bank and was recently identified as one of the top 10 big companies to work for.  

For further information about TSB Bank plc, please visit our website www.tsb.co.uk.