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Post Office to offer current accounts

11 April 2013 Last updated at 13:49 BST

The Post Office is to offer current accounts in the UK, following a regulator's claim that the market offers little choice for consumers.

The new account, provided by Bank of Ireland, will be available in some areas in the coming weeks before a wider launch next year. It follows criticism from a regulator in January that the market was dominated by a few providers.

Other new entrants to the UK current account market in recent times include Metro Bank in 2010 and M&S Bank in 2012. Tesco Bank has also announced plans to launch an account soon.

Simon Gompertz reports.