Reform of savings accounts providers necessary, says Which?

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Reform of savings accounts providers necessary, says Which?

High street banks have been criticised by consumer watchdog Which?, with the organisation calling for significant reform.

Peter Vicary-Smith, chief executive of the company, stated that the taxpayer should never again have to pay for mistakes made in the financial sector.

In his view, "root and branch" changes will be needed if a sustainable market is going to be developed in the UK.

"When the government sells off its stakes in the bailed-out banks it must ensure that the public interest is served and competition is increased," remarked Mr Vicary-Smith.

The Which? spokesperson pointed out that two of the three biggest banks in the country had to be bailed out, while the third has a "woeful" customer service record.

Meanwhile, the CBI has urged the government to be careful about imposing tough regulation on the financial sector, as the UK would benefit from maintaining its position as an international centre for the industry.

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