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New Barclays chairman could remove free banking and impose bank charges

Barclays Bank's new chairman Sir David Walker has announced he agrees with the principle of making customers pay bank charges to use current accounts.

In an interview with the Sunday Telegraph, he remarked that if these fees would have existed, some of the scandals that have hit the banking sector recently might not have occurred.

Missold payment protection insurance (PPI) and interest rate swaps for smaller enterprises are "the consequence of not charging for bank accounts", the business leader declared.

"Because banks are not charging, it drives them inexorably into this sort of position," Sir David said.

He told the publication that he is not committed to changing the business plans of former chief executive Bob Diamond, other than that he wants to get it "right".

Mr Diamond announced he was stepping down from the post on July 3rd after working for the company for 16 years.

At the time, he said working for the firm was a "privilege".

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801428631-ADNFCR

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