The US Securities and Exchange Commission is investigating Wells Fargo's market disclosures, CNBC reports. The SEC has requested documents that relate to its recent practice of opening accounts without customer authorisation. The bank has already agreed to pay US$185 million in compensation. Now the SEC wants to know if the bank misled investors. The UK Financial Conduct Authority has announced that it will implement recommendations of the Competition and Markets Authority aimed at increasing competition in the overdraft market. CityAM reports that possible changes include a maximum monthly charge, a requirement for the publication of "better" information about accounts and the introduction of a grace period after an account is opened. The FCA said it had a particular focus on high-cost credit.