Overdrafts and coronavirus – updated temporary guidance for firms

Regulatory Updates | 01/07/20

Temporary guidance from the Financial Conduct Authority (FCA) applies in the exceptional circumstances arising out of the coronavirus pandemic and its impact on the financial situation of overdraft customers. This applies to: a firm with permission to accept deposits and which provides a current account with an overdraft facility; primary personal current accounts. A primary account is the account into which a customer would usually receive, or would have received, their main source of income. Main source of income; and this applies to EEA firms who currently passport into the UK.