Banking review out today

A wide-ranging review of banking services comes to an end today with the publication of the government-backed Julius Report.

The review into the Banking Services Consumer Codes has been looking at personal finance products, such as credit cards, current accounts and personal loans, and the companies that provide them.

It will decide whether the mortgage and banking codes that regulate the industry give the consumer the best possible service and what improvements can be made.

The review started last November, chaired by former Bank of England Monetary Policy Committee member DeAnne Julius, following concerns raised by the Cruickshank Report on UK banking last March.

Dr Julius said at the time of launch: "The Cruickshank Report found that many customers are concerned about the level of service they get from banks and building societies. They are confused about what is on offer and they sometimes find that complaints are not followed up."

The members of the review group included representatives from building societies, banks and consumer associations as well as the deputy personal finance editor of the Financial Mail on Sunday, Neil Simpson.

In addition, Dr Julius also invited responses from banks, building societies and their customers to seven key questions.

These included whether the codes covered all the issues they should, if they were fully complied with and whether customers could be better informed about their rights.