Barclays chief executive John Varley has hinted that free banking may no longer be offered to customers in the future Speaking in a debate organised by the government-appointed Commission on Banking (CoB), Mr Varley claimed banks may have to reconsider the concept of free banking. He said: "It is possible that free-if-in-credit banking is a structure that has outlived its time," according to the Financial Times. He added that the concept is '"idiosyncratic by the standards of the world" and that it was worth examining.Mr Varley was speaking in the third public debate held part by the CoB as part of its 15-month investigation into the competitiveness of the UK banking sector. The process is due to end next September. HSBC chairman Douglas Flint and the director general of the Confederation of British Industry Richard Lambert were also in attendance at last night's event. Posted by Charles Baker Charles is a reputed financial analyst with almost decades of experience under his belt
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