Introduced last October, the current account switching service was designed to make it easier and quicker for Brits to move their bank provider, boosting competition.

The service, which cost the industry in the region of $750 million, was recommended by the Independent Commission on Banking, which had originally looked at full account number portability, which would have cost anything up to £5 billion.

In its first 11 months, the new system was used by 1.1 million people, a 19% increase compared with the same time period one year before. But many have been unimpressed, including FCA chief Martin Wheatley, who last month told MPs that the "actual number of people switching has remained relatively low".

With this in mind, portability is set for a reappraisal as part of the FCA's review. The watchdog will investigate whether the switching service has encouraged Brits to move banks and whether customer satisfaction has improved as providers up their game to win business.

Full portability could fare better by letting people keep their bank account numbers and removing the need to change direct debits and standing order instructions, a key area where perceived or actual problems with switching, such as missed mortgage payments, can arise.

The FCA will investigate portability alongside the new Payment Systems Regulator as it prepares to usurp the industry-controlled Payments Council, which drove the original, cheaper, switching service.

The regulators will survey retail and SME customers and talk to industry players as they examine whether to push for further changes when they deliver their review in the first quarter of next year.

A recent study by Finextra into the UK payments landscape found a general acceptance among banks that the new regulator would look to boost competitiveness further through the introduction of full account number portability, although a third of respondents felt that the costs would outweigh the benefits of such a move.

The full survey results and report can be downloaded here.