FCA calls on UK banks to improve savings rates

‘Fair and competitive saving rates’

The Financial Conduct Authority has urged UK banks and building societies to improve customers savings rates as the cost-of-living continues to spiral.

The regulator said it had "challenged firms where their decision making has been slow" and hosted a "constructive" meeting with bosses of high street banks yesterday (6 July) to discuss how the incoming Consumer Duty regulations will impact banks. According to the FCA, this was the most recent development of its months-long campaign to monitor the savings markets, and the decisions were made as the market prepares for the new Consumer Duty regulations, which comes into effect at the end of this month. FCA tells asset managers to review liquidity management in funds The regulator sa...