Baby boomer
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A welcome and overdue move that should put the onus back on the banks rather than customers to make this happen.
I take your point. I suppose it's a question of balancing consumer protection and advocacy against not imposing undue requirements on the banks. IMO we get very little of the former from the Central Bank so that's why I welcome this.Not sure that this is a good development.
To attract new bank and lenders into the country, we need to make it easy for them to leave as well.
6 months' notice should be plenty. It's a bit unfortunate that two are leaving at the same time.
It would be better to sit down with the remaining banks to ask them what needs to be done to take on the new customers. And can the Central Bank help e.g. relaxing money laundering requirements to some extent.
Brendan