BIS and Treasury have published their response to the consumer credit elements of the Government review of consumer credit and personal insolvency. The response explains the initiative that will ensure that over 85% of customers with personal current accounts will see clearer, fairer and more manageable charges for unarranged overdrafts. Customers will be able to get alerts when their balance is low and will not incur a fee if they exceed their limit by a small amount. Also, from late 2013 there will be guaranteed account switching within seven days. The response also confirms the agreement to stop retailers offering discounts on products when a customer takes out a store card and to make other improvements to store card offerings. The Government is also undertaking initiatives to introduce a variable cap for high-cost credit, better consumer protection for payday lenders and other instant credit providers, and better access to credit unions. (Source: Government Responds on Consumer Credit Review)