As per a UK financial expert, there will be no more ‘Free Business bank accounts’ and ‘no-fee personal bank account’.
Till now the banks and building societies have been providing their financial services without taking any charge from the customers including for their current accounts with the banks. In other words, most of the customers do not pay any service charge for any dealings.
But according to Mr. Churchouse of ‘Kieth Churchouse Financial Planning’, the ‘Independent Commission on Banking’, set up by the government of the UK last year, has put forward certain changes for the banking sector. The chancellor George Osbourne has approved and accepted them.
These steps were necessitated to prevent the repeat of the economic slump experienced throughout the world recently. The banking establishments have to protect their retail branches and also prevent the deposits of the account holders from being dragged to bogus investments. This will also ensure that the customer’s hard earned money is always safe.
The banks and building societies have been advised to make account switching procedures easy for the customers. The banks will have to enhance the charges for services; otherwise they are bound to get out of the UK market altogether.
Mr. Churchouse remarked that the new regulatory measures would fetch about GBP One billion.
