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Ban on unarranged overdraft charges considered by FCA - BBC News

Charges for unarranged bank overdrafts could be banned, under one option being considered by the Financial Conduct Authority (FCA). It said the charges for those who go into the red without agreement can be high and complex. Earlier this month, the UK ...and more »

Unsecured consumer credit tops £200bn for first time since 2008 - The Guardian

The FCA found that one in six people with debt on credit cards, personal lending and car loans were in financial distress. Photograph: Matt Cardy/Getty. The financial watchdog has announced fresh measures to protect consumers from spiralling debt as ...and more »

FCA's sheriff rattles banks with probe of overdrafts - Financial Times

The Financial Conduct Authority used to patrol the boardrooms on its turf with the swagger of frontier sheriffs. Former chief executive Martin Wheatley notoriously promised to “shoot first and ask questions later”, before a political backlash deprived ...and more »

Royal Bank of Scotland overhauls unarranged overdraft fees - Financial Times

Royal Bank of Scotland has overhauled its unarranged overdraft fees in a revamp that leaves many customers paying higher charges, a move that comes as the City watchdog this week said it was weighing taking action on unsecured consumer credit. The ...and more »

High-street banks face ban on rip-off overdraft fees - Evening Standard

High-street banks today faced a ban on the “complex and harmful” unarranged overdraft charges that they slap on the millions of customers who accidentally slip into the red. The threat came in a damning official report from the City regulator. It found ...and more »

FCA weighs taking action over unarranged overdrafts - Financial Times

The City of London watchdog is considering intervening in unarranged overdrafts in the UK after it found that bank charges are “potentially harmful” to consumers. The Financial Conduct Authority said on Monday that it had “significant concerns” about ...and more »

Financial regulator says overdraft fee cap may not solve current account concerns - The Independent

Britain's financial regulator said fundamental reform of unarranged overdrafts was needed as it had significant doubts about whether they could continue in their current form and a cap on fees may not be the answer. MPs have questioned whether banks ...and more »

The UK's financial watchdog wants to review overdraft charges – here's how much UK banks make in fees - Verdict

Amelia is a reporter for Verdict, covering global news, economics and business. You can reach her at amelia.heathman@verdict.co.uk. Amelia Heathman. Popular Today. AI is exploding into healthcare — here's how it's being used · Myanmar invited to ...and more »

FCA sets out details of motor finance review - AM-online

The Financial Conduct Authority (FCA) has set out its main areas of focus for its investigation into the motor finance industry in the UK. In a statement released this morning, the FCA said: “We consider it essential that consumers understand the risks ...and more »

Financial Conduct Authority extends cap on payday lenders, but action needed on other sectors - The Independent

The way the critics had it, capping payday lenders' charges would usher in an NHS crisis as overstretched hospitals struggled to deal with an epidemic of broken legs. The move was portrayed as a loan shark's charter that would cut the credit available ...and more »