FCA saves consumers nearly £1 billion with overdraft rules

In a press release published by the FCA last week, the regulator states that their improved overdraft rules have reduced high fees for unarranged borrowing, removed complex charging structures and introduced help for those who were repeatedly using their overdraft. They claim that more than £500million has been saved due to pricing rules that came into force in April 2020 as well as approximately £486 million saved due to help for consumers repeatedly using overdrafts.

Source: FCA