FCA sets out 14-point plan after banks accused of "measly" savings rates

The FCA is using the Consumer Duty to put pressure on firms to pass on interest rate increases to their savings account customers.

By Neasa MacErlean

Firms offering the lowest savings rates will be "required to justify ... how those rates offer fair value" by the end of August, according to a statement by the regulator on 31 July, the day the new Duty came into force. And, if these firms fail to justify their position, "robust action" will be taken against them by the end of the year.