FCA tackles overdrafts: FCA has created new resources on the consumer credit part of its website looking at overdrafts. It has carried out research that suggests that people do not get good value from overdrafts. FCA believes that consumers often do not consider or understand overdrafts or their charges when opening accounts, that they get used to using them with little active repayment strategy and that banks have little incentive to make their overdrafts competitive. FCA will now investigate and monitor how providers set, govern and police overdrafts and will consider making some current voluntary measures mandatory later in the year. (Source: FCA Tackles Overdrafts)

FCA publishes guidance on pension reform: FCA has published guidance for firms on how it expects them to act in the interim period before the pension reforms announced in the recent Budget take effect. FCA has taken the unusual step of publishing the guidance without consulting on it as it wants to ensure that customers are not disadvantaged. It expects firms to tell their customers about the effects of the pension reforms, and gives examples of good practice. For example, customers may benefit from delaying certain actions until reforms take effect, and advice must consider the effects of the changes in the law. The guidance includes a table on how FCA expects firms to treat customers at various stages of their pension planning process.  (Source: FCA Publishes Guidance on Pension Reform)

FCA updates on AIFMD reporting: FCA has updated its page on reporting under the Alternative Investment Fund Managers Directive (AIFMD) with some FAQs. (Source: FCA Updates on AIFMD Reporting)