Turner calls for end to free banking - papers

Opposition to the free banking system, introduced in 1985, has been growing within the sector, with current accounts costing £4.3bn per year to run and banks relying on penalty charges to fund them. Turner also said there may be a case for breaking up banks into retail and investment arms, and that the liberalization of building societies should be reversed, reports the Telegraph. He claimed banks use free current accounts to establish relationships with customers, and then sell them inappropriate products, and if banks were able to charge for the accounts, consumers may have more to ...