CMA final decision removes rules on overdraft alerts

Industry News | 04/12/19

The Competition and Markets Authority (CMA), following a review launched in July 2019, has published its final decision to vary the Retail Banking Market Investigation Order 2017 to remove Part 6. This Part requires providers of personal current accounts to alert customers by SMS or a notification from a mobile banking app in situations in which they could take action to avoid overdraft charges, for example by paying funds into the account before a certain time. The decision was made in the light of the Financial Conduct Authority (FCA)’s rules on overdraft alerts coming into force on 18 December 2019, which the CMA considers a relevant change of circumstances such that it is appropriate to vary the Order.