Good morning. The Financial Conduct Authority has confirmed this morning that it is to stop banks and building societies charging higher prices for unarranged overdrafts than for arranged overdrafts, banning fixed daily or monthly fees. The City regulator first proposed the significant move last December. “The overdraft market is dysfunctional, causing significant consumer harm,” Andrew Bailey, the authority’s chief executive, said. “Vulnerable consumers are disproportionately hit by excessive charges for unarranged overdrafts, which are often ten times as high as fees for payday loans.

Source: The Times June 07, 2019 07:52 UTC