Do better by personal account customers or you'll be forced - that was the message behind a speech given by head of the Office of Fair Trading (OFT).
John Fingleton said competition in the banking system has not functioned well for too long, despite a string of investigations into personal banking, and that competition needed to become more focused on the needs of the customers.
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If banks ingore his warning, a "more radical approach" may have to be adopted, he cautioned.
The speech also pointed out that all inquiries had concluded that there is a lack of competition in the sector, which makes it difficult for customers to get their heads around the charging structure.
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