FCA to investigate £100 per month bank overdraft fees

The Financial Conduct Authority announced it will investigate high fees on overdrafts and loans, just months after the competition watchdog decided a probe was not necessary, reports The Independent.

The FCA may impose a limit on overdraft fees after claims that vulnerable consumers are punished with excessive charges, which can be up to £100 per month.

The level is higher than some pay-day loans and high interest credit cards, interest on which is already capped by the FCA.