A 14-point action plan to make sure banks and building societies are passing on interest rate rises appropriately to savers has been set out by the Financial Conduct Authority (FCA).
Firms offering the lowest savings rates will be required to justify by the end of August how those rates offer fair value - and the City regulator said it will take action if they are unable to do so.The regulator wants to make sure savings providers are passing on rate increases and that they are communicating with customers much more effectively and offering them better deals.
It will use the new Consumer Duty on financial firms, which came into force on Monday, to help ensure savings providers are offering fair value.The Bank of England base rate is currently five per cent, following a string of increases, and there are expectations that it could rise again on Thursday, August 3.
However, there have been concerns that providers have been raising borrowing costs at a much faster pace than savings rates have increased.
Read more on dailyrecord.co.uk
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