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Switching broadband, energy, and bank accounts can be simpler now

Ofcom introduced its One Touch Switch service in 2024, which is designed to require contact only with the new provider rather than negotiating with the old one.

Reported · Written up by our desk · Sectors

Consumer switching for broadband, pay TV, energy and even current bank accounts is often less complicated than people expect, regulators say, especially as cost of living pressures have pushed more shoppers to look for cheaper deals.

A recent enforcement example from BBC Business highlights how regulators have tightened oversight: Ofcom fined Virgin Media £28 million after finding it used tactics to prevent customers from cancelling contracts, including agents hanging up on calls and customers being kept on hold without reason, over a three year period.

BBC Business also points to changes that can make switching easier, including Ofcom's One Touch Switch service launched in 2024, which the regulator says means customers only need to contact their new provider, while users are advised to check whether they are in or out of contract because exit fees may apply.

For banks, the article notes that competition has led some institutions to offer cash incentives for switching, but eligibility depends on using the new bank account as a main current account, with the switching process typically taking up to seven days and involving the transfer of direct debits and standing orders, balance movement, and redirecting incoming payments.

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