Financial Services Authority promises a new deal for current account holders when it takes over banking regulation in November
Banks that mistreat consumers could be hit with fines and named and shamed after the City watchdog takes over control of retail banking from November.
The current voluntary banking code, which offers banks guidance on how to behave towards customers, will end and banks, building societies and credit unions will have to obey new rules laid down by the Financial Services Authority (FSA), reinforced by fines for organisations that flout the regulations.
One of the new rules says "service must remain prompt, efficient and fair for the duration of the relationship". Many banks have been criticised for treating new customers better than existing account holders.
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