UK to introduce ‘fee-free’ bank accounts for clients ineligible for current accounts
( December 15, 2014, 13:47 GMT | Official Statement) -- MLex Summary: New “fee-free” bank accounts will be available at nine UK institutions covering 90 percent of the market by the end of 2015, following an agreement between the Treasury and the banking industry. The accounts are designed to help less-affluent customers who are ineligible for standard current accounts or have been locked out of accounts by high charges on failed direct debits or standing orders. Charges had been up to 35 pounds for each failed payment and could accumulate, creating large debts for some clients.Statement follows, with full agreement details attached as pdf:...
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
- Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
- Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
- Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
- Curated case files bringing together news, analysis and source documents in a single timeline
Experience MLex today with a 14-day free trial.