Will the Irish Central Bank follow the UK’s lead on Overcharging

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Will the Irish Central Bank follow the UKs lead
on Overcharging
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• Banks are to be banned from charging excessive
  fees for unauthorised overdrafts as part of the
  UKs Financial Conduct Authority clampdown on the
  dysfunctional high-cost credit sector.
  (Financial Times Dec 2018)
• In what the Financial Conduct Authority described
  as the biggest intervention in the overdraft
  market for a generation, it is proposing a
  simple, single interest rate for each overdraft
  with no fixed daily or monthly charges.

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• Last year, firms made more than 2.4bn from
  overdrafts, with about 30 from unarranged
  overdrafts, the watchdog said. More than half the
  unauthorised overdraft fees came from 1.5 of
  customers in 2016, with people living in deprived
  areas most affected. In some cases, these fees
  can be more than 10 times as high as charges for
  payday loans.
• The watchdog will not set a monthly price cap,
  arguing it could have unintended consequences,
  but expects prices to fall as a result of
  competition from more transparent costs.

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• The FCA says that arranged overdraft prices must
  be advertised in a standard way, including an APR
  to help customers compare them and refused
  payment fees should reasonably correspond to the
  costs of refusing payments and must be
  explained.
• The FCA also told banks to do more to identify
  customers who are in financial difficulty and to
  help them reduce their overdraft use without
  announcing specific measures.

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• Following a consultation in May, the watchdog has
  already ordered firms to provide online tools
  that allow customers to check if they can get a
  cheaper overdraft elsewhere, along with
  calculators that translate interest rates into
  pounds and pence. It has also asked for mobile
  phone alerts and changes to how overdrawn
  balances are displayed at cash machines.

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• The FCA chief executive, Andrew Bailey, said
  These changes would provide greater protection
  for the millions of people who use an overdraft,
  particularly the most vulnerable. It is clear to
  us that the way banks manage and charge for
  overdrafts needed fundamental reform.
• We are proposing a series of radical changes to
  simplify the way banks charge for overdrafts and
  tackle high charging for unarranged overdrafts.
  These changes would make overdrafts simpler,
  fairer, and easier to manage.

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