Europe’s leading banks were warned on Tuesday that they could face regulatory action if they fail to draw up a ­voluntary code allowing consumers to move their accounts more freely.

Charlie McCreevy, European Union internal market commissioner, called on banks to make it simpler for customers to switch accounts between providers, warning that in some member states this was “not at all easy”. He also criticised the use of products ties – obliging borrowers, for example, to take out life insurance policies.