June 27, 2018 / 9:38 AM / 5 months ago

Report shows there is "no such thing as free banking" - financial regulator boss

LONDON, June 27 (Reuters) - One in ten customers generate between a third and a half of all profits from British banks’ current accounts, according to a review by the financial regulator, funding a system that allows all to access accounts for no charge.

The customers make the accounts pay by taking on other products with the bank, such as overdrafts, credit cards or personal loans, the Financial Conduct Authority found in the report, published on Wednesday.

“[The review] provides more evidence that there is no such thing as free banking,” Andrew Bailey, Chief Executive of the FCA, said in a statement. (Reporting by Emma Rumney; editing by Simon Jessop)

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