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Due to recent recommendations savings accounts and banking could be become safer and easier to understand if the FBC's recent recommendations come into play.

The head of finance at a money website welcomed the Future of Banking Commission's suggestions. These steps if put into actiojn will make banking more understandable for the layman, making them less likely to risk their own money, he said.

Mr Bowsher said: "I really like the recommendation that banks should be obliged to launch standard products for some basic services with a common form in plain English explaining the terms. That would be a big step forward."

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He mentioned these guidelines would also make certain that large banks do not "rip off" customers.

One of the main recommendations by the FBC is for the introduction of 'living wills' into the banking system. This policy would outline the procedure to be undertaken if the bank goes bust. It further requires banks to ensure their deposits, lending operations as well as payment functions are ring-fenced.

The interest of people depositing money into savings accounts also has to be looked after, according to the FBC's guidance. It needs for the launch of new 100 per cent guaranteed 'safe haven' deposits, money would only go into safe assets.

A shake up to top-staff pay has also been mentioned, with executives getting bonuses for constant achievements over a lengthened space of time and improved shareholder payouts.

FBC has also suggested a complete move about of the policies of banks. The commission recommended that employees need to put customer services over targets set on sales. Traditional banks inthe high street need to change their employee reward schemes to the same affect.