Britain's financial watchdog is proposing a crackdown on high-cost lending, suggesting fundamental reforms to the way banks operate and charge for overdrafts among other changes meant to help vulnerable consumers.
The Financial Conduct Authority conducted a wide-ranging review on high-cost credit and proposed reforms today.
The authority's chief executive Andrew Bailey said that "the proposals will benefit overdraft and high-cost credit users, rebalancing in the favour of the customer."
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