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
Police have arrested two men aged 20 and 22 on suspicion of terror offences, bringing the number of people are now in custody to 11.
Among those attending the Soundgarden and Audioslave singer's funeral were Brad Pitt, Pharrell and Christian Bale.
EE and Vodafone have performer particularly poorly in a customer experience survey compiled by consumer group Which?