I watched this on the news this morning and when I heard the phrase "The reforms we have announced today will shake up retail banking for years to come", I thought this will be interesting.

And what do we have?  Err, precious little.

Yes, it's a good idea to 'cap' exorbitant overdraft fees which make most high street banks look little better than dodgy loan sharks, but frankly that's about it.  

It will never be in a bank's own interests to make it easy for someone to leave them, but that's our own fault as consumers - with many of us citing things like it's "too much hassle" and "better the devil we know".  I'm guilty of this myself having had my main current account with the same bank for over forty years.

Until recently.

I am fascinated by the so-called challenger banks, because they make it so incredibly easy to get started with them, to stay with them and to be advocates for them.  I set up an account with one of them recently and it took precisely five minutes.  I also set up another for international travel where at the swipe of a screen I can switch my balance between British pounds, Euros and US Dollars - again it was done in a matter of minutes.

It is services and new players like these, combined with agile technology which will do the shaking up in his ancient industry.  Yes, these proposed reforms are partially designed to help new players get access to more customers, but frankly they are more than capable of doing it themselves.  And they will.

I doubt very much that these so-called reforms will make the slightest bit of difference; I for one look forward to the high street banking's 'UBER moment' with excitement.