Watchdog criticised over 'disappointing' action on high-cost credit

FCA will require banks to alert customers but falls short of capping fees that affect 19 million customersThe City watchdog has ordered banks to do more to help the 19 million people who regularly use their overdrafts but has dismayed campaigners seeking a cap on the £2.3bn fees made when customers go into the red. The Financial Conduct Authority’s 18-month review into high-cost credit stepped back from a cap on overdraft fees because of fears it could be challenged in court by the b