The Independent Commission on Banking (ICB) is mulling whether to split banks' retail and investment operations.
Chaired by Sir John Vickers, the Commission was set up to look at financial stability and competition.
As well as a possible split of the banks, the ICB will also look at whether "market concentration" should be reduced. This could result in visible changes to the way the banks operate on the High Street, the BBC reports.
Other topics for scrutiny include whether banks should be restricted on the levels of their own funds they can use for investment trading.
It will also investigate if an institution should have a "living will" or declaration of how a bank would wind itself down should any future financial crisis arise.
The ICB's five members have asked interested parties to give their views and are expected to question the chief executives the UK's largest banks.
Also on the Committee are Clare Spottiswoode, the former director-general of Ofgas, Martin Taylor, a former chief executive of Barclays, Bill Winters, the former co-chief executive of JP Morgan, and Martin Wolf, the chief economics commentator at the Financial Times.
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