Britain's banking system may benefit from public intervention, a senior Bank of England (BoE) official believes.
Andrew Bailey, executive director of the central institution, feels financiers could be regulated more effectively if their customers were fully aware of their business practices and services.
During a speech to be delivered today (24 May) at the Westminster Business Forum and made available by the BoE, Mr Bailey will suggest greater levels of public involvement could result in a more competitive banking industry.
The official - who will take on the role as head of the Prudential Business Unit in July - expects this would help to end the "dangerous myth" of free accounts - the lack of clarity around which could even be fuelling the ongoing product mis-selling fiasco.
"In short, I think that the reform of retail banking in this country cannot move ahead unless we tackle the issue of free in-credit banking," he will add.
By Asim Shah