FCA To Push Lenders To Offer Better Cash-Savings Rates

Law360, London (January 9, 2020, 1:37 PM GMT) -- The markets watchdog announced plans on Thursday to reform cash-saving products by forcing lenders to set a “single easy-access rate” for all accounts that allow customers to withdraw money when they want.

The Financial Conduct Authority said the move is intended to improve the interest rates offered to long-standing customers — who it said are often "seeing a poor outcome" — and should boost interest payments by £260 million ($340 million).

The regulator raised concerns in 2019 that long-standing customers were being hit with a “loyalty penalty.” Under current market practice, easy-access accounts typically pay high interest rates for 12 months...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!