Which? response to the FCA’s High-Cost Credit and review of the high-cost short-term credit price cap

Gareth Shaw, Which? money expert, said:

“Significant concerns about unarranged overdraft charges are not new, Which? previously found that these fees could cost considerably more than payday loan charges. The FCA’s own research now backs this up, so it must act swiftly to crack down on these exorbitant fees and to restrict unarranged overdraft charges to the same level as for arranged overdrafts, as further delay will only cost consumers.”

Notes to editors:
1. Which? reviewed the unplanned overdraft charges levied by the named banks in January 2017, on fee-free accounts with no minimum monthly payment: https://prod-wordpress-press.internal.which.co.uk/whichpressreleases/overdraft-charges-could-cost-156-more-than-payday-loans/