Credit to Andrew Bailey, soon to become chief regulator of the financial service industry, for admitting to what everyone actually knows about banks namely that "free" banking is "a dangerous myth".
It is a pity that no one in the financial services industry has ever stated this before.
This does of course mean that in the near future the pretence of "free" banking will be removed and banks, as I have warned many times before, will start to openly charge for their "services".
