Improving Competition in the Savings Market: 14-Point Plan Update
The Financial Conduct Authority has launched a 14-point action plan to ensure that consumers are able to access competitive savings products. This includes higher interest rates in both term limited and easy access accounts. The FCA has also requested that 9 banks and building societies provide assessments of the value of their savings products to examine whether all savers are getting good deals. Later this autumn, the FCA will publish an update on progress made by the action plan and any potential steps they might take if areas of concern are identified. The FCA encourages people to shop around for the best deal as there is now greater availability of more competitive savings products.