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The City regulator has stressed that seven out of 10 bank customers will be better off or unchanged as another big bank announces its new overdraft rates. Customers of Lloyds Banking Group will be charged "personalised" rates of up to 49.9% from April, but most will pay a rate of 39.9% to go into the red. The latter is the same rate as planned by many of the major High Street banks. The Financial Conduct Authority (FCA), which demanded changes from banks , said the new system was much simpler. "Customers at some large banks were charged effective arranged overdraft rates in excess of 80% per year once fees and charges are factored in," the FCA said. "Our changes expose the true cost of an... Full story

22 January