Banks that raise charges or cut interest rates will be forced to help customers to shop around for a better deal under sweeping proposals unveiled today.
Serious IT glitches, branch closures and major disputes with customers will also act as triggers forcing banks to tell savers that they could benefit by switching accounts.
A report by the Competition and Markets Authority, seen by The Times, outlines the shake-up, which is designed to improve consumer choice and boost competition in the sector.
Nearly two fifths of customers have held the same personal current account for 20 years and only 3 per cent of customers moved to a new provider last year despite the introduction of reforms making it easier to change.
The proposed overhaul