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
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:
consumers know what they are getting.
consumers shop around freely.
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
“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.”
Notes to editors
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
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.
information about TSB Bank plc, please visit our website www.tsb.co.uk.