If you have recently seen your bank statement and found a charge labelled as UK Regulated Charge on Bank Statement or UK regulated LIM or UK regulated 888 a bit perplexing and wondering where on Earth it came from then worry not. In this article we will delve into the details of this UK regulated charge on bank statement and will find out what does it mean, why you have been charged for UK regulated and how to address this charge.
What are UK Regulated Charges?
Regulated charges are the fees charge by the Banks and financial institutions in UK for the various banking services they provide. These are regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). These regulations ensure transparency, fairness, and prevent excessive charges from banks.
These Regulated Charges are the ways for banks to recover the cost for various banking services such as overdrafts, foreign currency transactions, or the maintenance.
Common types of UK Regulated Charges
There are many regulated charges that you may encounter on your bank statement. The cost and nature of these charges may vary depending on the bank. The common types are
Overdraft fees:
These charges occur when you spend more money than you have in your account which is simply called as overdraft fees or your account dips below zero without prior arrangement and are called as unarranged overdraft fees. These charges costs you more than the simple overdraft fees.
Late payment fees:
These charges occur when you missed any scheduled payment and pay later than the agreed upon date.
ATM fees or Cash withdrawal fees:
These charges occur when you use ATM and withdraw cash from ATM especially those that are not affiliated with your bank.
Foreign transaction charge:
These charges occur when you make foreign transaction or withdraw money in foreign currency. Your bank charges a fee for such activities and they may appear on your bank statement. Such charges also appear by the other abbreviations such as LBK or LC charge.
Account maintenance fee:
This is a fee charged by your bank for your account maintenance most probably when you have a premium account for various additional services that are provided in premium account.
Failed payment charge:
These charges occur when a cheque or direct debit is declined due to insufficient funds or any other cause.
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How does UK Regulated Charges appear on Your Statement?
UK regulated charges may appear differently on your bank statement depending upon the nature of charge and your bank. The words like “Regulated Fee” or “regulated” helps to easily identify these charges.
Late Payment Regulated Fee
Unarranged Overdraft Charge (Regulated)
ATM charge (Regulated)
Account Maintenance Regulated Fee
These descriptions are usually followed by the amount and date.
What is “UK Regulated Lim” Or “UK Regulated Limited 888”?
While seemingly related to UK regulated charges, “UK Regulated Lim” charges appear when you have made a transaction related to online gaming and betting services provided Evoke plc, formerly 888 Holdings Limited. This is not a regulated charge and it is used by 888 Holdings Limited specifically. These charges appear in a little different way than the UK regulated charges. Most commonly these charges appear as
- UK Regulated Lim – 888 Casino
- UK Regulated Lim – 888 Poker
- UK Regulated Lim – 888 Sports
- UK Regulated Lim – Betfair Sports (888 acquired Betfair in 2015)
- UK Regulated Lim – Virtual Games
- UK Regulated – In-Game Purchases
- 888 Casino UK
- 888 UK
- UK Regulated – Online Betting
- UK Regulated – Deposits to Gaming Account
Purpose of UK regulated charges
These regulatory charges are important for the protection of consumers. They are used to set limits on borrowing so the consumers cannot take more debt than they can afford to repay. They are also important because without these regulations banks can impose very high fees for different banking services taking advantage of some uneducated customers and putting them in financial crisis.
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Regulated Charge Limits
The regulations imposed by FCA (Financial Conduct Authority) on some bank charges are
1. Unarranged Overdraft Charge: Maximum charge of £30.
2. Failed Payment Charge: Maximum charge of £30.
3. Exceeded Limit Charge: Maximum charge of £30.
Conclusion
Regulated charges are the fees charge by the Banks and financial institutions in UK for the various banking services they provide. These charges are regulated by Financial Conduct Authority (FCA). These regulated charges can be confusing but understanding them can help you a lot in managing your finances in a better way. If you have any concerns related to these charges you can contact your bank for any inquiry or seek assistance from Financial Ombudsman Service (FOS).
FAQS
Why are regulated charges imposed?
They are imposed for the multiple reasons such as to limit banks from imposing very high fees, to protect consumers from taking on more debt than they can afford to repay.
How can I avoid regulated charges?
Always check your account balance, pay on time, set up overdraft protection. You can also seek assistance from Financial Ombudsman Service (FOS).