BCOBS 7.6A Publication of pricing information about personal current account overdrafts

A firm must, for a trading name of the firm that this section applies to, and for each personal current account product held by at least 5000 banking customers on the last day of the current account measurement period under that trading name, publish information about:

1. (1)

   the lowest and highest interest rates payable by banking customers under authorised non-business overdraft agreements associated with that personal current account product on the last working day of the personal current account measurement period;

2. (2)

   the lowest and highest unarranged overdraft interest rates payable by banking customers holding that personal current account product on the last working day of the personal current account measurement period;

3. (3)

   the refused payment fee payable by banking customers holding that personal current account product on the last working day of the personal current account measurement period; and

4. (4)

   the lowest and highest representative APR for an authorised non-business overdraft agreement included in a financial promotion communicated by or on behalf of the firm during the current account measurement period.

1. (1)

   When publishing the information required under BCOBS 7.6A.1R(1) and (2) a firm must:

   1. (a)

      disregard an interest rate for the purpose of identifying the highest interest rate payable by banking customers if that rate of interest or a higher rate is payable by fewer than 1% of banking customers holding that personal current account product;

   2. (b)

      disregard an interest rate for the purpose of identifying the lowest interest rate payable by banking customers if that rate of interest or a higher rate is payable by fewer than 1% of banking customers holding that personal current account product;

   3. (c)

      disregard any interest rate that has been reduced as a result of forbearance or other arrangements entered into with a banking customer who is in, or at risk of, financial difficulty; and

   4. (d)

      disregard any interest rate that has been individually negotiated with a banking customer.

2. (2)

   Where the agreement provides that a tranche of borrowing attracts no interest, that provision must be disregarded when calculating the rate of interest to be published under BCOBS 7.6A.1R(1) and (2).

3. (3)

   The rate of interest to be published under BCOBS 7.6A.1R(1) and (2) must:

   1. (a)

      be expressed as a percentage applied on an annual basis to the amount of credit drawn down; and

   2. (b)

      (where the agreement provides for compounding) be the effective annual interest rate. The firm must use the same assumptions to calculate this interest rate as they do for the APR. These assumptions are set out in CONC App 1.2 (Total charge for credit rules for other agreements).

4. (4)

   Where the lowest and highest figures required to be published under BCOBS 7.6A.1R are the same, the firm must publish these as a single figure.

5. (5)

   Where no refused payment fee is payable for a personal current account product the firm should state this as a fee of £0.

The firm must publish the information:

1. (1)

   in the format specified in Table 9 of BCOBS 7 Annex 1R; and

2. (2)

   on the same webpage as, and immediately below, the information published under BCOBS 7.6.3R.