Mick McAteer, who now runs the Financial Inclusion Centre, says the regulator has failed to protect the people who can least afford it from being charged excessive amounts for unarranged overdrafts.
The FCA says those living in the most deprived areas are 70% more likely to have to use an unarranged overdraft than those living in the least deprived areas, and when they do so are paying up to twice as much in charges and fees.
The regulator also highlights that they tend to be from BAME (black and minority ethnic) communities and more likely to be financially vulnerable due to poor health and disability.
Read More.. Source The Guardian