Cruickshank criticism Mr Cruickshank headed a government enquiry into banking. The investigation lasted 16 months, culminating in a report in March. The report accused the industry of making excess profits from its customers. Customers could pay between 3bn and 5bn less for their banking services if there were full competition, the report found. And it says there is even less competition in the small business market, where just a few banks dominate.
Banks claim that they are already competitive and listen to their customers.
As competition grows with the arrival of telephone and internet banking, the big High Street banks are continually striving to raise revenues and cut costs. The Independent Banking Advisory Service, which campaigns on behalf of customers in disputes with banks, welcomed the government's plans.