These changes include:
Although these remedies represent a big step forward, there’s still more that can be done to scrap the savings trap. We'll continue to work with the FCA to ensure that you get the best deal for your savings.
Kill-off superseded zombie accounts and stop customers being dumped into poor value saving accounts and ISAs at the end of fixed terms. Instead move these savings into a single default easy-access savings or ISA account.
Make switching swifter and stop providers limiting transfers into new ISAs.
Put interest rates on all communications and improve notifications about the end of bonus rates and fixed term accounts.
Ensure that the interest rate and terms for all accounts are genuinely clear, easier to compare and provided regularly to customers
Ensure staff can explain different offers to customers and can help them to find the best option for their needs.