The Government said it will be introducing tougher new standards for credit cards and encouraging more complaints against financial groups.

The initiative comes as part of it's response to the Cruickshank Report into UK banking.

Published in March, the hard-hitting report said banks were overcharging their customers by up to £5 billion a year and called for an end to the near monopoly of personal and small business banking which the big four banks currently enjoyed.

The report also called for more competition all round and better provision of banking services to all personal customers - especially the three million people who did not have access to them at all.

The Government has now responded by announcing it will set out minimum standards on charges, access and terms for credit cards, together with a call for disclosure of key terms and conditions.

It intends to consult with the industry on extending CAT standards to other financial services products and plans to review self-regulatory systems, such as the Banking Code, to make sure they deliver benefits to consumers.