Karim Haji comments on KPMG response to FCA measures on overdraft fees.
Commenting on the FCA’s package of reforms on overdraft facilities, Karim Haji, Head of Financial Services, KPMG UK, says:
“These new rules will bring a welcome relief to the millions of customers who stray into an unauthorised overdraft, and incur significant costs in fees and interests. The regulator is working to tackle the spiral of debt and to make sure the most financially vulnerable aren’t paying the biggest price for banking.
“While this will inevitably impact banks’ revenue in the short-term, it is likely to result in more innovation in the longer term. Taking less revenue from overdrafts will add fuel to the innovation already happening in banks around money management technology to help customers avoid running up overdrafts, planned or otherwise.”
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