TSB chief executive Paul Pester on Thursday urged the UK Competition & Markets Authority (CMA) to use its “once in a generation” opportunity to help the challenger bank create more competition in the UK banking market.

Pester’s comments came as TSB announced its financial results for the three months to March 31, 2016.

TSB, owned by Banco de Sabadell of Catalonia, said it delivered a record-breaking quarter.

“Whilst I think TSB is doing its bit to break the strangehold the big five banks have on the UK market, we can’t do this alone,” said Pester.

“We need the CMA to use the once in a generation opportunity they have to help us bring the full force of competition to bear on the UK banking market.

“We want all bank customers to know what they’re paying for their banking; all customers — including overdraft users — to be able to switch easily; and all customers to be aware of their right to switch banks.

“Only then will competition really start to work and the culture of UK banks finally shift to serving customers on their terms — rather than on the banks’.”

TSB said 7.1% of all customers opening a new bank account or switching banks in the first quarter chose TSB .

It said customer deposits were up £900 million (3.5%) on the previous quarter at £26.8 billion.

Total customer lending stood at £27.4 billion, up £1 billion (3.9%) on the previous quarter.

And TSB said its profits doubled on the previous quarter to £59.9 million on a “management basis.”