CONC 5C.1 Application and purpose
Purpose
1The purpose of this chapter is to:
- (1)
require firms to implement and maintain overdraft charging structures that are simple, transparent and capable of easy comparison; and
- (2)
forbid firms from obliging a customer to pay a rate of interest for an unarranged overdraft which exceeds the rate of interest for an arranged overdraft that is relevant to that customer.
Who and what?
- (1)
1Subject to (2), this chapter applies to a firm with respect to consumer credit lending and connected activities in relation to arranged overdrafts and unarranged overdrafts associated with personal current accounts.
- (2)
This chapter does not apply to:
- (a)
a firm if all personal current accounts provided or offered by the firm are excluded accounts;
- (b)
a firm in respect of any personal current account which may be used for a currency other than a currency of the United Kingdom;
- (c)
a private bank; or
- (d)
a credit union.
- (a)
Where?
1This chapter applies to a firm with respect to activities carried on from an establishment maintained by it in the United Kingdom.