FCA publishes PS19/25 Overdraft pricing and competition remedies

Regulatory Updates | 02/10/19

The Financial Conduct Authority (FCA) has published the Policy Statement PS19/25 finalising its proposed rules consulted in CP19/18 earlier this year. The new rules require firms to publish overdraft pricing information alongside information on current accounts. This will allow for easier comparison between products in the market and will increase transparency of costs of an overdraft. Through this Policy Statement the FCA has also made minor changes to its competition remedy rules created in December 2018. The new rules on the publication of pricing information will come into force on 6 April 2020, in line with the FCA’s overdraft pricing rules set out in PS19/16.