FCA announces market study into £1trn cash savings market

The review of the £1trn market will look at issues including the effects of introductory interest rates called ‘teaser rates', and at how often consumers switch their savings accounts to determine what the regulator can do to ensure consumers get the best possible outcomes. The FCA has a statutory objective to promote effective competition in the interest of consumers and will undertake a number of reviews into various financial markets to assess competition in the near future. It will also invite evidence early next year as part of a 'wholesale strategic review' to look at the way co...