The Move Your Money Switching Scorecard compares just over 70 UK and global banking providers on five key categories – honesty, customer service, culture, supporting the economy and ethics. Each category is worth a fifth of the provider’s overall score, and is compiled using a number of indicators. These indicators have been designed to be proportionate, robust and comparable, and we have taken steps to avoid any undue bias in our comparisons.
In the honesty category, we used indicators for fines, use of tax havens, political lobbying and misleading advertising. In customer service, we looked at complaints, mis-selling PPI, referrals to the Financial Ombudsman and customer satisfaction. Culture looks at customer power, directors’ pay and bonuses, and the proportion of women on the board. Finally, we looked at whether the banks are too big to fail, work in risky ways, fail to support the real economy and have poor ethics.
The evidence base that supports the Move Your Money Switching Scorecard was compiled in July 2013 by Ethical Consumer, the UKs leading alternative consumer organisation. You can find the full scorecard and information on how we got the scores here.