Ben Chu: Banking - free to those who can afford it
Outlook To be labelled "disingenuous" by the British Bankers' Association – the lobby group that oversees Libor – is like to being accused of child cruelty by King Herod.
So congratulations to Which? the consumer group, that drew this rebuke from the BBA for its report labelling the notion that we have free banking in Britain a "myth".
As Which? pointed out, the idea of "free banking" ignores penalty charging and the fact most current accounts pay virtually no interest.
The report is also pertinent because the new Barclays chairman, Sir David Walker, recently suggested that if banks had been able to charge for current accounts they would not have needed to miss-sell dodgy interest-rate products to customers. That sounds like a criminal who claims that if only you'd let him rob your house, he wouldn't have needed to steal your car.
Perhaps the saddest comment of all on the state of modern banking is that Sir David is considered one of the industry's good guys.
- 1 Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
- 2 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 3 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 4 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
- 5 New Tricks: Dennis Waterman to leave the show after a decade of crime-solving
Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Ice Bucket Challenge: US firefighter Tony Grider dies after participating in charity craze near power lines
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...