Labour plans to refer high street banks to the competition authorities immediately if elected in 2015, the party leader is expected to say in a speech on banking reform.
The Guardian reports that Ed Miliband will say in a speech on Friday that he wants the proposed review by the Competition and Markets Authority (CMA) to complete within a year of the election, and anticipates it could lead to a breakup of the larger high street banks, such as RBS or Lloyds.
Mr Miliband is expected to argue that greater competition in financial services is central to restoring Britain's long-term economic prosperity and providing consumer choice.
More top news
Actor Dustin Diamond allegedly stabbed a man in a bar in the US after getting into an argument on Christmas Day.
Over the next 24 hours we are going to see snow and ice across many parts, although it is looking calmer from Sunday onwards.
A young grey seal found in a farmer's field on Monday is making progress say RSPCA staff. He's thought to have a head injury.