Which? responds to FCA's plan for cash savings
Rocio Concha, Which? Director of Policy and Advocacy, said:
"Some high street banks have been offering meagre rates to customers for a long time, and it is clear the pace and scale at which rates are passed on to customers needs to be improved, so it's good to see the regulator clamping down on firms that continue to shortchange their customers.
"The FCA expects these changes to mean fewer low savings rates on offer, and that banks will be better at letting customers know of the availability of better rates. In the midst of an unrelenting cost of living crisis, it's crucial that those who are able to put money into savings accounts receive better returns.
"Which? expects to see the regulator taking tough action against any firms that fall short of the new requirements."
-ENDS-
Notes to Editors