The FCA must now use this review to tackle these high charges” – Which? response to the Financial Conduct Authority’s review of high-cost credit and overdrafts
Vickie Sheriff, Which? Director of Campaigns and Communications, said:
“Which? has long highlighted the fact that punitive unarranged overdraft fees can be more expensive than some payday loans. The Financial Conduct Authority must now use this review to tackle these high charges, which are often faced by the most vulnerable customers.”
Background
- In July this year, Which? found that unarranged overdraft charges from high street banks could be up to 12.5 times higher than the payday loan cap. Which? called on the regulator to tackle these fees. More detail is available – https://prod-wordpress-press.internal.which.co.uk/
whichpressreleases/overdraft- charges-more-expensive-than- payday-loans/
Statement: Banking, Personal Finance, Vickie Sheriff