Question to the HM Treasury:

To ask Her Majesty's Government what assessment have they made of the overdraft fees and other charges levied on current account banking customers in the UK.

The Government has not made an assessment of overdraft fees and other charges on current accounts. Decisions on overdraft fees and charges are a commercial matter for firms. However, the Financial Conduct Authority (FCA) requires firms to treat their customers fairly and has broad and robust powers to enforce breaches of its rules.

As part of its ongoing work on high-cost credit, the FCA is currently consulting on measures that aim to secure greater protection for consumers using overdrafts. The FCA is also considering current accounts and overdraft pricing as part of its wider Strategic Review of Retail Business Banking Models. The Government supports the FCA’s work in this area and will continue to work with it to ensure that all banking customers are treated fairly.