Hint at end to free banking?

A few months ago, an influential figure at the Bank of England, Andrew Bailey, suggested that free banking was a "dangerous myth".

In a different part of his speech this morning, Lord Turner, the head of the FSA, appeared to agree, and suggested that free bank accounts for you and me were actually a problem.

He said:

In short, because many UK consumers expect free bank accounts, the banks have to make money elsewhere and that sometimes leads to banks behaving badly.

Expect consumer groups to be less than pleased.