Which? response to city regulator analysing savings providers’ ‘fair value’ assessments

Sam Richardson, Deputy Editor of Which? Money, said:

"For too long, major banks and building societies have been getting away with short changing customers by potentially hundreds of pounds a year by offering meagre savings rates.

"While firms have been quick to increase rates for mortgage owners, some of the largest banks and building societies in the country have sat on their hands when it's come to passing on higher interest rates to savers.

"The regulator should take tough action against firms continuing to fall short of the required standards - and this should serve as a shot across the bows to other providers that they must raise their game or face the consequences."

-ENDS-