OFT Personal Current Account Review 2012
The Office of Fair Trading (OFT) commissioned its 2012 Personal Current Account (PCA) review in order to explore consumer experiences and attitudes towards their bank accounts.
How did IFF illuminate the facts with research?
IFF was commissioned to perform this follow-up to a 2008 PCA review. Our key objective was to track findings gathered in the 2008 review to help assess what progress PCA providers had made since then.
We achieved this by careful questionnaire design and a series of cognitive interviews. The main stage of the study consisted of two parts, which involved a very complex questionnaire set up:
- A ‘core’ survey of 1,700 telephone interviews, designed to be representative of the UK population of PCA holders by age, gender and region.
- A ‘switcher boost’ survey to ensure that the number of switchers interviewed would reach 100, as due to their low incidence not enough of them would fall out of the 1,700 core interviews.
All interviews were sampled through an RDD approach, with quotas set to ensure this was representative.
The whole project was run to a very tight timeline. It was essential that interviews were completed within three weeks – with clean, coded data available to the OFT within one week of the fieldwork finishing. IFF worked very closely with the OFT team to ensure successful outcomes.