Article preview: If there’s one ‘product’ that generates excessive profits for banks, it’s overdraft fees. UK banks rake more than £2bn a year from their overdrawn customers. But radical new regulations look set to bring an end to banks charging higher prices to their customers who find themselves in this position. The Financial Conduct Authority (FCA) has announced a package of measures, which form part of its high-cost credit review.
Fixing a dysfunctional overdraft market
This 790 word blog post explains new FCA rules on overdraft charges, as part of their review into the retail banking market. Includes expert comments from Andrew Bailey, Chief Executive of the FCA and StepChange Head of Policy Peter Tutton. Written on 18th December 2018.
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