Which? executive director, Richard Lloyd, said:
“This inquiry is now looking like a lost opportunity to deliver better banking for consumers. We are disappointed that the CMA appears unwilling to take action to control unfair, punitive charges faced by unauthorised overdraft users. More information and prompts are simply not enough.
“The regulator should use this further extension of their inquiry to bring forward stronger solutions to tackle unfair charges and ensure banks are held to account for how they treat their customers.”