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...
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