 last month criticised banks and building societies that had been slow to pass on rising interest rates to savers, but cynically fast to put up rates for borrowers. Sponsored It set out a 14-point plan to get banks to address this. Those paying the lowest rates will need to explain to the FCA by August 31 how they are offering 'fair value' or face fines under the regulator's new consumer duty rules. With just days until the deadline, analysis by Money and the data firm Savings Champion found that 45 of the 258 easy){kind=link}
Banks paying as little as 0.02 per cent on their savings accounts have only five days left to justify their rates or face punishment from the regulator.
The Financial Conduct Authority (FCA) last month criticised banks and building societies that had been slow to pass on rising interest rates to savers, but cynically fast to put up rates for borrowers.
It set out a 14-point plan to get banks to address this. Those paying the lowest rates will need to explain to the FCA by August 31 how they are offering “fair value” or face fines under the regulator’s new consumer duty rules.
With just days until the deadline, analysis by Money and the data firm Savings Champion found that 45 of the 258 easy
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