FCA launches study of cash savings market

clock

The Financial Conduct Authority (FCA) is launching a study of the cash savings market, examining how accounts are sold and obstacles to switching among other aspects.

More than four-fifths of adults in the UK with cash holdings in the region of £1.2trn have a savings account, according to the regulator. Its study will assess whether competition in the market is working well for consumers, while customer behaviour will also come under the spotlight. The FCA is particularly interested in why there appear to be low switching rates and whether information available to new and existing customers allows them to make informed choices. The FCA will also look into how complex products are and how well consumers understand them. Additionally, the regulato...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Kevin Bailey and James Sullivan also unpack what value looks like

Professional Adviser
clock 04 July 2025 • 1 min read
Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Considered prescribing how firms should support ‘vulnerable consumers’

Isabel Baxter
clock 30 June 2025 • 2 min read
Targeted support: 38,000 current advice users expected to switch

Targeted support: 38,000 current advice users expected to switch

Firms could generate up to £499 in revenue per customer

Isabel Baxter
clock 30 June 2025 • 4 min read