End to free banking could be on the cards at Barclays as new boss Sir David Walker backs idea of paying for current accounts
An end to free banking could be on the cards at Barclays after Sir David Walker, the newly appointed chairman of the bank, indicated his support for the idea of paying for current accounts.
Echoing the remarks of regulators, Walker said that “in principle” he agreed that customers should pay as it might prevent misselling of financial products.
“Because banks are not charging, it drives them inexorably into this sort of position,” Walker said in a newspaper interview shortly after being named as the replacement for Marcus Agius, who is leaving in the wake of Libor rigging scandal.
Andrew Bailey, a top regulator at the Financial Services Authority, has previously described the concept of free banking as a “myth” and raised the prospect of intervention in the market to ensure customers can see what they are paying for.