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Lloyds' Overdraft Fees Flout FCA Proposals, Lawmakers Warn

Law360, London (March 1, 2019, 1:07 PM GMT) -- New overdraft schemes introduced by Lloyds Banking Group PLC “fly in the face” of attempts by the City’s regulator to make fees more transparent, a panel of U.K. lawmakers said on Friday.

The influential Treasury Committee has criticized the high-street lender for introducing what it called a complex tiered overdraft system in January, a month after the Financial Conduct Authority said it could ban the measures in what it has called the biggest shake-up of the market “for a generation."

“Lloyds’ new overdraft fees appear to fly in the face of the FCA’s attempts to make overdrafts clearer and more transparent,” Nicky...

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