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Bank claim: Banks 'could soon start charging customers'

The end of free banking services for consumers could occur in the foreseeable future, an expert has warned.

According to Keith Churchouse, director of Churchouse Financial Planning, new banking reform proposals from the

Independent Commission on Banking (ICB) such as ringfencing could result in some banks passing on the charges they incur onto their customers.

He explained that the only way retail banks will be able to cope with the cost of the proposed changes in regulation - which is estimated to be in the region of £1 billion - is to start charging customers for the services they offer.

"The charges will be phased in [and] people will need to be very careful as to how they choose their bank provider," Mr Churchouse said.

"We will see a lot more swapping of bank accounts as time goes along as people move to try and keep costs down."

Among the ICB's proposals are to separate a bank's investment operations from their retail divisions and to make it easier to customers to switch accounts.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-800731605-ADNFCR

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