I was pleased to read the following article which quote research completed by consumer protection campaigners Which? http://www.moneymarketing.co.uk/regulation/which-calls-on-fca-to-clamp-down-on-bank-charges/1056586.article I have believed the concept of free banking to be a myth and now I have third party verification from a trusted investigatory source. As well as all of the charges outlined by Which? the banks also get the opportunity to cross sell other products such as payment protection insurance and mortgages. Many people are too busy to shop around for the best mortgage deal and investigate which mortgage type would be suit their needs so they rely on their bank for quick advice. Perhaps what is needed are small charges for current account services and make Banks refer their customers to Independent Financial Advisors or mortgage brokers who can find them the best deal and give them professional qualified advice. I would gamble £5 that the banks would rather keep the existing model of not directly charging for current account services than go down the route I have suggested.rnrnThis 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.rn
