LONDON: The UK markets regulator began toughening rules on banks’ £2.3bil overdraft business, while leaving more “radical options” for later.
Lenders would need to make overdraft fees clearer and alert customers to potential charges under proposals the Financial Conduct Authority published yesterday. The London-based regulator said it will now consider stiffer measures such as banning fixed fees and tackling steep prices for unarranged overdrafts.
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