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FCA Clamps Down On Exorbitant Bank Overdraft Fees

Law360, London (December 18, 2018, 6:36 PM GMT) -- U.K. banks could be banned from charging higher fees to customers with unarranged overdrafts, the Financial Conduct Authority said Tuesday, in what the regulator called the biggest market shake-up “for a generation.”

As part of the regulator's clampdown of the high-cost credit market, the FCA has laid out plans that would stop banks from being able to charge customers excessive fees if they slip into an unauthorized overdraft. Fixed daily or monthly overdraft charges will be abolished and replaced with a simple, single interest rate — regardless of the amount borrowed, the FCA said.  Lenders will also be required to advertise their overdraft rate...

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