This will mean that GCSEs will continue for some subjects alongside the new English Bacs over a number of years.

BBC: GCSEs replaced by 'English Bac' in key subjects

The various parts of this system (BACs, CHAPS etc) are largely owned by the main established UK banks and effectively self regulated.

BBC: UK banking reforms: What's new?

The slower Bacs payment system - which underlies telephone and internet banking services - has also failed to show any trend of savers shifting their money.

BBC: 'No floods' of switching savers