Tories urge bank reform

CALLS were today made for the Royal Bank of Scotland to be broken up and the merger of Lloyds TSB and HBOS reversed as part of a radical move to end the “comfortable oligopoly” of the country’s high street banks.

A group of Tory MPs published a paper today arguing that it is time for David Cameron to take on the banking giants.

The report also recommends the development of a new system to allow customers to switch between banks in order to drive up standards.

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The report was written by Andrea Leadsom, who worked in finance for more than two decades before standing for parliament. She said that individual companies were making a “fortune” out of overdrafts and credit cards.