PS19/16: High-Cost Credit Review: Overdraft policy statement
On 18 December 2018 the UK Financial Conduct Authority (FCA) proposed significant reform to the overdraft market in its consultation paper CP18/42, “High-Cost Credit Review: Overdrafts consultation paper and policy statement” (the CP). This contained customer-centric proposals aimed at distributing overdraft charges more fairly and protecting vulnerable customers.
The FCA has now responded to feedback received on the CP in its policy statement PS19/16, “High-Cost Credit Review: Overdraft policy statement” published on the 07 June 2019 (the PS), which aside from some minor amendments, largely goes ahead with the proposals in the CP.
