In response to the Executive Director of the Bank of England, Andrew Bailey’s, comments on free banking, Which? Executive Director, Richard Lloyd says:
“It’s a complete myth that banking is free now – consumers pay over £9 billion a year in fees and lost interest on their current accounts. The idea that if banks charged more, they would stop trying to mis-sell other financial products is completely unfounded.
“We need to see greater transparency about the true cost of banking. All banks should be required to provide downloadable electronic information so that people can clearly see how much they currently pay for their accounts and make ‘one-click’ comparisons between accounts.
“With comments like those made today, it’s even more important that the new regulator, the Financial Conduct Authority, is a watchdog that stands up for consumers and stands up to the banks.”