Overdraft fees

Motion Text

This House notes with concern proposed changes to overdraft fees for individuals and businesses due to be implemented in April 2020; further notes that this would lead to substantial increases in fees for both arranged and unarranged overdrafts; recognises the need to simplify overdraft fees and however notes with concern how financial providers have used directives by the Financial Conduct Authority to maximise profits; and calls on the Treasury and the Financial Conduct Authority to urgently review the new pricing structure of overdrafts by UK banks and intervene to ensure fairness for consumers and businesses before the new financial year.