Free banking ‘aids mis-selling’
Martin Wheatley, managing director at the FSA, said there are still problems in how financial salespeople are incentivised, often pushing one particular product on a customer rather than offering a real choice.
Wheatley said he was not advocating an end to free banking but wanted to send a “shot across the bows” of the industry to come clean over true costs and alter some sales practices. He added: “The financial services industry has got a lot of trust to rebuild with the consumer.”
The British Bankers’ Association said no members had told it of plans to end free banking.