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
Zimbabwe's recently fired vice president is set to return to the country be sworn in as the new president.
The US-led UN Command has released footage of a North Korean soldier's dramatic escape and shooting in the demilitarised zone.
Eight of those who were on board have been found by a search and rescue operation near the coast of Japan.