Overdrafts, BHS, debt and pensions

A decision by the competition regulator not to recommend a cap on excessive overdraft charges could be re-examined, the Financial Conduct Authority says.

In its report on bank accounts published in August, the Competition and Markets Authority decided against a cap on charges. The BBC reports that the FCA has now announced that it is to examine the issue in detail itself. It said the inquiry could look at a compulsory limit on overdraft charges. BHS

The Pensions Regulator has launched enforcement action against Sir Philip Green and other former owners of BHS, according to the BBC.

The regulator said it was seeking redress for BHS’s 20,000 pension scheme members following an investigation. It has sent warning notices to Sir Philip, his retail group, and Dominic Chappell, who was the owner when the department store chain went under. But Sir Philip said he had given the regulator ‘a credible and substantial proposal’ for the BHS pension deficit.