George Osborne is announcing plans to reform Britain's biggest banks to protect taxpayers from another financial meltdown.
Speaking at JP Morgan's administration offices in Bournemouth, the Chancellor said people were still reeling from the 2007 financial crisis that forced the country to bail-out major banks with tens of billions of pounds of taxpayers' money.
"Irresponsible behaviour was rewarded, failure was bailed out, and the innocent - people who have nothing whatsoever to do with the banks - suffered," he said.
"Let's take the anger we feel about the banks and turn it into change to build the banking system that works for us all."
He announced changes to the regulatory system in April, with the Bank of England as the new "super-cop" of the financial system to keep banks safe and protect the economy.
Mr Osborne said the watchdog would have the "power to call time if the party gets out of control".
A new competition regime will take effect in September to make it easier for customers to switch accounts.
And he warned banks they faced "full separation" if they flouted new rules to ring-fence risky operations from savers' deposits.
Mr Osborne hailed 2013 as "the year we re-set our banking system".
"So the banks work for their customers and not the other way round," he said.
"So when mistakes are made, it's the banks and not the taxpayer that picks up the bill."
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