The emergence of the Virgin Group as a force in the banking world could be good news for consumers, it has been stated.

Which? chief executive, Peter Vicary-Smith responded to news that the company is looking to take over Church House Trust by remarking: "New entrants in the market offering genuinely competitive products should spur other banks into working harder to keep their customers happy, which should result in better products and higher levels of service."

Such situation could mean an improved landscape when it comes to products such as mortgages, loans, credit cards and saving accounts.

Which? Noted that 67 per cent of bank customers are willing to switch if they feel they have had bad service from their account provider.

Virgin Money - which was formed in 1995 and states that it already has over two million customers - revealed it was making a bid for the Church House Trust earlier today.