Some financial products could be banned and price caps could be imposed as part of a radical rethink of the way consumers are protected, the City watchdog says.
Thousands of Barclays customers are set for £60 million compensation combined after the bank mis-sold risky investments to those wanting a safe haven for their cash.
Santander has been caught sending sensitive personal information to wrong addresses again, after the discovery last month that 22,000 customers received other people's details on their bank statements.
Royal Bank of Scotland (RBS) and Natwest have been hit with a multi million pound fine for poor complaints handling, while five other banks have been ordered to improve processes for dealing with gripes.