The FCA has written to firms today requesting details about how they have reached their overdraft prices and the measures firms have put in place to protect consumers. In particular the FCA is asking all firms to provide:
- a detailed summary (including 6 specific areas) of the factors taken into consideration on calculating the new overdraft rate; and
- a summary of the customer treatment strategy for those customers who will be worse off following introduction of the new pricing.
All responses need to be with the FCA by 10 February 2020.