The decision has been received with some sort of resignation by most banks, which in 2017, made more than £2.4billion from overdrafts, though they have started to implement the changes required by the FCA. Given the magnitude of the decision, moving the implementation date from December to April 2020 will be a welcome window in which firms can refine their overall propositions.
“Requirements on firms to monitor progress and provide additional information on pricing changes are a further ramp up in expectations. This adds to the operational impact and will need to be carefully managed across the industry to ensure the remedies have the intended results,” continued Mr Karim.
From the consumer’s perspective, the decision is more welcome as it will ease and facilitate personal finance. A recently released research from FairMoney has shown that 17% of Brits – equating to 9 million people – feel abandoned by the UK’s high-street banks and a 20% of Brits – 10.5 million people – think that they’re in the worst financial position that they have ever been in.
The decision has been received with some sort of resignation by most banks, which in 2017, made more than £2.4billion from overdrafts, though they have started to implement the changes required by the FCA. Given the magnitude of the decision, moving the implementation date from December to April 2020 will be a welcome window in which firms can refine their overall propositions.
“Requirements on firms to monitor progress and provide additional information on pricing changes are a further ramp up in expectations. This adds to the operational impact and will need to be carefully managed across the industry to ensure the remedies have the intended results,” continued Mr Karim.
From the consumer’s perspective, the decision is more welcome as it will ease and facilitate personal finance. A recently released research from FairMoney has shown that 17% of Brits – equating to 9 million people – feel abandoned by the UK’s high-street banks and a 20% of Brits – 10.5 million people – think that they’re in the worst financial position that they have ever been in.