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LONDON (AP) — Britain’s financial watchdog is proposing a crackdown on high-cost lending, suggesting fundamental reforms to the way banks operate and charge for overdrafts among other changes meant to help vulnerable consumers.

The Financial Conduct Authority conducted a wide-ranging review on high-cost credit and proposed reforms on Thursday.

The authority’s chief executive Andrew Bailey said that “the proposals will benefit overdraft and high-cost credit users, rebalancing in the favor of the customer.”

The body is also proposing reforms on rent-to-own operators, door-step lending and catalog credit and store cards, saying that high-cost credit is used by more than 3 million consumers in the U.K.

The FCA says it will gather more evidence and analysis before any formal decisions are made.