Saving accounts could become safer and banking easier to understand if recent recommendations do come into effect.

Ed Bowsher, head of consumer finance at lovemoney.com, has welcomed the suggestions put forth by the Future of Banking Commission (FBC).

These measures if put in place will make banking easier for the layman, making them less likely to unknowingly risk their personal finances, 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."

He added these guidelines would also ensure that big banks no longer "rip off" customers.

One of the most important recommendations of the FBC is for the introduction of 'living wills' into the banking system. This policy would outline the course of action to be undertaken in the event of a bank going bust. It further requires banks to ensure their deposits, lending operations as well as payment functions are ring-fenced.

The interest of people depositing into savings accounts also has to be safeguarded, according to the FBC's guidance. It requires for the launch of new 100 per cent guaranteed 'safe haven' deposits, the money form of which would only be invested into safe assets.

A change to top-staff pay has also been suggested, with executives being rewarded for consistent performance over a long period of time and better shareholder returns.

FBC has also recommended a complete overhaul of banking policies. The commission recommended that staff should prioritise customer services over sales targets. High street banks should also change their employee reward schemes to reflect bonuses being given for customer satisfaction rather than pushing for greater sales.

These recommendations follow in the wake of recent research published by the Federation of Small Businesses which suggested that over the last year, more than one-quarter of small businesses expressed dissatisfaction with their banks.