Bank Services: Fees and Charges

HM Treasury written question – answered on 12th September 2017.

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Photo of Lisa Cameron Lisa Cameron Shadow SNP Spokesperson (Mental Health)

To ask Mr Chancellor of the Exchequer, what recent discussions he has had with UK Financial Investments on the charging of unarranged overdraft fees by the Royal Bank of Scotland.

Photo of Stephen Barclay Stephen Barclay The Economic Secretary to the Treasury

Treasury Ministers and officials meet regularly with colleagues across Government, and the various regulators, to discuss a wide range of issues. As was the case with previous Administrations, it is not the Treasury's practice to provide details of all such discussions.

The Government’s shareholding in the Royal Bank of Scotland (RBS) is managed at arm’s length from Government by UK Financial Investments (UKFI). UKFI is responsible for managing the shareholding on a wholly commercial basis, in a way that creates and protects value for the taxpayer. UKFI is not responsible, for managing the bank itself; RBS retains its own board for strategic and management decisions. Decisions on overdraft fees are solely within the remit of the bank.

The Government supports the work the Financial Conduct Authority is carrying out on high-cost credit, including overdrafts, and will continue to work with them to ensure that all consumers who use high-cost credit products are treated fairly.

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