U.K. Regulator’s Bank ‘Shake Up’ With Cap Fails to Create a Stir

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  • CMA attempts to crack down on fees after two-year probe
  • Banks can set their own limits on overdraft fees, CMA says

A U.K. regulator’s plan to create a banking “revolution” with a combination of self-imposed fee caps and a smart-phone app was heavily criticized by consumer groups and smaller lenders that said the measures would do little to increase competition in the industry.

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