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A boss of a bank you may never have heard of says customers are losing out because of the way the industry operates.
Andrew Bailey, deputy governor of the Bank of England, who is in charge of regulating banks, has warned he will take more action on bonuses.
Misbehaving bankers could be forced to repay bonuses from previous years under plans set to be unveiled by the Bank of England, according to the BBC.
It could mean bonuses paid out as long as seven years ago being returned, even if they were paid in shares and have already been cashed and spent.
The BoE had already warned in March that bankers could face clawbacks for "misbehaviour", including if their bank registered big losses.
Reports at the time suggested bonuses from up to six years ago would be at risk, though that appears to have been extended to seven years.
Another previous suggestion had been to cancel promised bonuses, but the Bank's position appears to have hardened.
Lloyds Banking Group's sale of a 35% stake in TSB will net the taxpayer-backed bank £455m.
The Initial Public Offering (IPO) will see 30% of the stock allocated to around 60,000 ordinary retail ivestors as TSB returns to the market as an independent company for the first time since its 1995 merger with Lloyds.
TSB is currently the seventh biggest UK retail bank with 631 branches and the IPO valued its shares at 260p each, giving the company an overall value of £1.3bn.
Lloyds Bank has increased the number of shares it is selling in TSB as a result of strong demand from investors.
The bank, a quarter of which is owned by the taxpayer, had initially decided to sell a 25% stake in TSB but has now upped the proportion to 35%.
The shares have been priced at 260p each, giving TSB a market value of £1.3bn.
The founder of the new banking watchdog has defended it against claims of being ineffective due to its lack of enforcement powers.
Sir Richard Lambert told ITV News the Banking Standards Review Council (BSRC) is "not a regulatory body" but will work alongside the "significant new legislation" that is cracking down on banking misconduct.
Sir Richard, the BSRC's interim chairman, said the body will work with banks to "track and report" their commitments to "good practice".
The new banking watchdog will "complement the work of the regulators" in the sector but not look to "duplicate" their actions, founder and interim chairman Sir Richard Lambert has said.
After announcing his recommendations for the Banking Standards Review Council, he tweeted:
The BSRC will complement the work of the regulators by focusing its efforts on identifying and championing good practice. #bankingstandards
The BSRC should support and not duplicate the activities of the professional bodies, and should work with them in raising #bankingstandards
The UK's leading business lobby group has praised the recommendations on UK banking standards by Sir Richard Lambert, which aim for continuous improvement and transparency in the sector, as a "sensible way forward".
Katja Hall, chief policy director of the CBI, said:
With the political and regulatory spotlight now firmly on conduct, a swift and positive response from the banks to these proposals, combined with changes already underway, should help to rebuild trust in this important sector over time.
In addition, with more new players entering the banking sector, and competition hotting up, good customer relationships are a real competitive advantage for banks.
The founder and interim chairman of the Banking Standards Review Council, Sir Richard Lambert, has outlined the main objectives of the new watchdog body.
New #bankingstandards body will contribute to continuous improvement in the behaviour and competence of banks & building socs in the UK
New #bankingstandards body will be driven by the interests of customers and those with a concern for the well-being of the UK banking system
The UK's leading banks have voluntarily agreed to take part in a "programme of continuous improvement in culture, competence and customer outcomes" to be monitored by a new banking watchdog.
The Banking Standards Review Council (BSRC) will issue an annual report "setting out progress by the sector and individual banks", while each bank will report on its own performance.
The six banks and the building society which commissioned Sir Richard Lambert's review said:
The chairmen of Barclays, HSBC, Lloyds Banking Group, Nationwide, RBS, Santander and Standard Chartered welcome the publication of Sir Richard’s final report.
It confirms that there is a role for a new Banking Standards Review Council in restoring trust amongst customers and clients.
They accept his recommendations and undertake to implement them expeditiously.
Sir Richard has agreed with the banks to take on the role of interim chairman of the BSRC until a permanent chairman is appointed later this year.
A panel of respected figures from outside the banking industry, and chaired by Bank of England Governor Mark Carney, will appoint the new chairman.
The Banking Standards Review was set up "to encourage good behaviour" in the industry, the author of the report told Good Morning Britain.
A series of measures designed to restore public faith in bankers have been released, including the establishment of a new banking watchdog.
Sir Richard Lambert, who has conducted the Banking Standards Review, posted a link to the full document online: