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FCA ‘right to look again’ at overdraft charges

​Money Advice Trust comments on FCA response to CMA retail banking market investigation.

The Financial Conduct Authority (FCA) has today (3 November 2016) responded to the Competition and Markets Authority’s (CMA) retail banking market investigation, announcing its own review to re-examine the issue of high overdraft charges.

Joanna Elson, chief executive of the Money Advice Trust, the charity that runs National Debtline, commented:
 
"We welcome the FCA’s decision to look again at the issue of overdraft charges. The CMA’s proposed monthly maximum charges are a small positive step, but are ultimately unlikely to make the difference required in bringing down the extremely high charges that many people in financial difficulty end up paying.
 
“It is right that the FCA should be prepared to consider an industry-wide cap on charges, and that this will be looked at in the context of its wider work on high cost credit. We look forward to working with the FCA as it conducts its review.”
 
National Debtline offers free advice at www.nationaldebtline.org or on 0808 808 4000, Monday to Friday 9am to 8pm and Saturday 9.30am to 1pm.
 
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