Banks must not shroud their repeat overdraft use strategies in mystery, says StepChange
Industry News | 17/12/19
StepChange Debt Charity comments that new rules on overdraft repeat use will need careful oversight by the Financial Conduct Authority to ensure they break the cycle of financially vulnerable people getting trapped in disproportionately expensive, repeat overdraft use. The rules are designed to complement the ban on higher fees for unarranged overdrafts that comes into effect from next April. This will also need close FCA monitoring.
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