Which? response to comments on ‘free banking’

Which? executive director, Richard Lloyd says:

“It’s a complete myth that banking is free. Consumers pay over £9 billion a year in fees and lost interest on their current accounts and the suggestion that if banks charged more they, would stop mis-selling, is completely ridiculous.

“Consumers should not keep having to foot the bill when the banks have let us down so badly. There must be fundamental change to the culture and practices of the banks, including greater transparency about the true cost of banking. The parliamentary banking inquiry must put consumers best interests at the centre of reforms.”

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