Firms offering just 0.01% interest to savers, FCA finds

The regulator has published data outlining the lowest interest rates, based on figures as of April this year, offered by 32 providers of easy access cash savings accounts and cash ISAs in both open and closed accounts.  This is the second set of data the FCA has published as part of its ‘sunlight remedy' scheme which aims to improve competition in the market by highlighting interest rates which are not obviously displayed to customers. From December, firms will be asked by the regulator to provide ‘easy-to-understand key information' in a summary box and to clearly remind consumers about ...