Law360, London (January 28, 2020, 11:48 AM GMT) -- Britain’s markets watchdog demanded more information from bank bosses on Tuesday about their overdraft pricing after major lenders set almost identical interest charges of almost 40% in anticipation of new rules.
The Financial Conduct Authority has sent a letter to banks asking why they have imposed “very similar prices” across the sector for the cost of their overdrafts. Several major banks including Lloyds Bank PLC, HSBC Holdings PLC and Santander UK PLC, have recently announced they are raising their overdraft fees.
The steep rise in the cost of going overdrawn comes as new FCA rules come into force in April. The...
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