NatWest and RBS still including overdrafts in 'available funds' despite ban - MSE News

My account has them bundled though underneath there is this: available balance 'including overdraft limit of £xxxxx'.

Not compliant but clear.

Consumerist wrote: »

Who cares, these days, what the regulators try to impose on any industry. Nothing is likely to happen as a consequence.

I'm as cynical as the next poster but don't really think this is fair or accurate.

Sure, the FCA is coming under fire for inadequate regulation of investments, given some of the high-profile failures that have left many out of pocket.

However, in terms of their regulation of banking, it seems to me that changes are implemented, albeit not necessarily on time (such as strong customer authentication and confirmation of payee, where technical complexity and/or poorly though-through policy directions mitigate against getting it done in a hurry).

The overdraft charging changes are happening and there was a recent example of banks being penalised for failing to abide by the rules on managing text alerts, so the regulator does have teeth that it's prepared to use sometimes....