Which? comments as FCA asks banks to explain overdraft pricing

Gareth Shaw, Head of Money, Which?, said:

“The changes introduced to provide clarity on overdraft fees and charges, and protect the most vulnerable, must also allow customers to shop around. The current lack of competition on overdraft pricing is disappointing, so it is right the regulator is taking a closer look.

“Banks should also be clear on how they are communicating the changes to customers and helping more of them choose the right type of credit product for their circumstances.”

Statement