The regulator has asked firms to highlight interest rates offered in their cash savings products and make switching accounts easier for consumers, in a new package of measures designed to improve competition in the market.
Cash savers will have access to clear information on interest rates offered on cash savings products and will receive reminders about changes in interest rates from December 2016, according to new rules published by the Financial Conduct Authority (FCA) today. The regulator found in its market study in January consumers saving in cash products were missing out on the best rates because they weren't shopping around. In particular, it found around £160bn of the funds held in easy access savings accounts earned an interest rate equal to or lower than the Bank of England base rate of 0.5%...
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