High Street banks “would love” to charge for the use of current accounts, but none is yet willing to jump first.
This is according to former Barclays chief executive Martin Taylor, who this week took part in a debate chaired by the Commission on Banking.
The debate was one of a series designed to help the government-appointed Commission to better understand the banking sector.
Mr Taylor said: “Bankers privately would love to move away from the untransparent cost structure” under which High Street banks currently operate.
Banks have long been criticised for their lack of transparency. But it is unlikely that a flat fee for current account usage was what consumer activist groups have in mind as an alternative.
Flat charges for current accounts were thought to have moved a step closer after a concerted campaign against unauthorised overdraft fees. Although the Office of Fair Trading won the test case, banks changed their pricing structures in response.
Mr Taylor is a member of the Commission on Banking, which is considering a number of factors affecting the banking industry including competition and access to services.
