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But one pension firm said the government's cap on charges could make providers more choosy about who they offered the best deals to.
We are investigating how to remove barriers and we are considering now a cap on charges.
There will be a "cap" on charges for unarranged overdrafts but each bank can set its own rate.
However Andy Bell, chief executive at pension specialists AJ Bell was disappointed that the Chancellor failed to introduce a ban, rather than a cap, on charges.
The report stopped short of recommending a cap on charges, on the grounds that it could reduce availability of credit to those who need it most.
"We were hoping to see a cap on charges phased in over three years while social lenders build up their capacity to offer alternative forms of finance".
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The City regulator is being urged to impose caps on charges for unarranged overdrafts to stop financially vulnerable customers being ripped off by their banks.
There will be a separate cap on default charges, and borrowers who miss a repayment or make it late can only be charged £15.
The Archbishop spoke out against the introduction of a cap on loan charges, as proposed by many anti-payday loan campaigners.
The vote means that the Federal Reserve Board will move ahead to complete the cap on the charges, formally known as "interchange" fees, by July 21.
The government is considering introducing a cap on the charges imposed on those who want to access their pension funds early, George Osborne has announced.
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