Regulatory Alerts2019-06-06
Added · Updated
PS19/25: Overdraft Pricing and Competition Remedies
The Financial Conduct Authority makes rules requiring banks and building societies to publish overdraft pricing details, including ranges of annual interest rates for arranged and unarranged overdrafts and refused payment fees, within quarterly current account services information. The document amends the definition of private bank in BCOBS 7 and 8, exempts foreign currency accounts from competition remedy rules, and modifies alert auto-enrolment requirements. New rules on the publication of pricing information come into force on 6 April 2020, while revised BCOBS 8 rules and the private bank definition changes take effect on 18 December 2019.