There is no such thing as a free lunch. Andrew Baily is very out of touch if he thinks British consumers will pay for current account banking. The dismal rates of return and the opportunities banks have to sell to their customer base. If the banks state they cannot make a profit from offering free current accounts I am sure there are many Building Societies which will! rnrnI wish we had a strong regulator which would say clearly to the Banking industry that if they cannot make a profit they should exit the market. I am fed up with all of these privileges the banking industry has received given compared with other industries. How many convictions have there been for the Payment Protection Insurance miss-selling scandal a multi-billion pound fraud? I am unaware of anyone who has been held responsible. My expectations for the new regulatory regime are not high. Let’s hope I will be easily pleased. rnrnThe article which inspired this blog post was http://www.moneymarketing.co.uk/regulation/top-regulator-says-%E2%80%98dangerous-myth%E2%80%99-of-free-banking-must-end/1051896.articlernrnThis information is intended to provide a general review of certain topics and its purpose is to inform but not to recommend or support any specific investment or course of action. The tips may not apply, or be suitable, to everyone and you should contact us for advice if you are unsure whether this is the case.rn
