A PYMNTS Company

UK: Antitrust regulator sets out plan for overdraft fees cap

 |  August 9, 2016

The United Kingdom’s antitrust regulator said banks must set a cap on fees for customers who spend more than they have in their checking account following an almost two-year investigation into the retail banking industry.

The Competition and Markets Authority recommended banks set their own limits on overdraft charges and a grace period for customers to avoid them, rather than have the fees “centrally regulated”, the watchdog said in a statement on Tuesday. In 2014, banks received £1.2 billion in revenue from the fees.

Full Content: Irish Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.