On 7 June 2019 the Financial Conduct Authority (FCA) as part of its High Cost Credit Review introduced changes representing the biggest overhaul to the overdrafts market for a generation.

The final rules which are set out in the FCA's policy statement PS19/16: 'High-Cost Credit Review: Overdraft policy statement' should be considered carefully by banks and building societies in setting their overdrafts prices going forward and in identifying harms arising from repeat use of overdrafts by customers.

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