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Banks with 40 per cent overdraft rates ordered to explain

Compliance Monitor

Banks with 40 per cent overdraft rates ordered to explain

The major retail banks have been given two weeks to provide detailed information on how they have set their new overdraft rates — including who attended the meetings at which decisions were made. The Financial Conduct Authority requested the information, noting that “significant comment” has been made about the fact that “major banks have aligned overdraft rates [at] around 40 per cent”.

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