NORTH Ayrshire’s MP has been successful in her campaign against overdraft fees.

Patricia Gibson joined forces with consumer company Which? last year demanding that the Financial Conduct Authority (FCA) ends rip-off overdraft fees.

The SNP MP is the party’s spokesperson for Consumer Affairs.

She said: “Many Ardrossan and Saltcoats Herald readers took the trouble to let me know their own frustrations with overdraft charges.

“Charges should be fair and proportionate and I am pleased that the Financial Conduct Authority will now ensure they are.

“The typical cost of borrowing £100 through an unarranged overdraft to drop from £5 a day to less than 20p a day and all overdraft charges will be well below the level of the daily price cap on payday loans.

“The fact that these charges currently fall disproportionately on people who are least able to afford them, who incur them more frequently, suggests that high charges have not acted as a deterrent.

“Anyone, including people on insecure or low incomes or in difficult circumstances can find themselves paying high overdraft charges that they couldn’t avoid.”

The changes come into place next year.