Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Barclays boss Varley hints at an end to free banking

2 Comments
Barclays boss Varley hints at an end to free banking

Barclays chief executive John Varley (pictured) has hinted that banks may have to start charging consumers for personal banking services.

According to the Financial Times, in a debate organised by the Commission on Banking (CoB) last night Varley said: 'It is possible that free-if-in-credit banking is a structure that has outlived its time. He described the concept as 'idiosyncratic by the standards of the world' and said it was worth examining.

The debate was the third in a series of debates organised by CoB over the next 15 months to explore the competitivenes of UK banks.

Other panelliest involved in last night's debate included HSBC chairman Douglas Flint and the director general of the CBI Richard Lambert. It was chaired by CoB chairman Sir John Vickers. The review is scheduled to be completed by next September.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter