Barclays boss claims end of free banking would be better for consumers

3rd March 2015

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Barclays boss Antony Jenkins bank has told ITV News he wants to see the end of ‘free banking’ in a bid to boost transparency and competition.

Jenkins, group chief executive of the bank, said that while some paid-for accounts were available, it was not across the board – and said it was difficult for any one bank to make the first move for fear of driving customers to rival free models.

Jenkins said that not charging customers for opening current accounts meant it was difficult to people to compare deals, and meant a lower number of people switching banks.

He said: “I’ve always believed, since this was first introduced in the eighties, that not having a price point if you like around a current account was probably not helpful for consumers because it’s very hard to make a judgement about something when there’s no price attached to it. So broadly speaking I think having a bank account that there is a price point for is a positive.”

Earlier today Barclays posted a 21% drop in profits, but Jenkins revealed he would receive his first bonus as chief executive.

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