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Banking watchdog drops threat of inquiry into overdraft charges

July 01, 2020 at 11:44AM

FCA says it will keep a close eye on situation, after major banks set virtually identical rates

UK banks have escaped the threat of a regulatory investigation into unarranged overdraft charges, but the City watchdog has said it will keep a close eye on pricing throughout the Covid-19 crisis.

The Financial Conduct Authority put lenders on notice after they set virtually identical overdraft rates of about 40% in response to new rules that banned excessive and opaque fees.

Continue reading… via Banking | The Guardian

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