Finance regulator vows to intervene if banks fail to pass on interest rate benefits or are too slow in doing so
The Financial Conduct Authority is monitoring how and when banks pass on interest rate increases to savers Savers will have suffered “harm” from banks’ failure to pass on interest rate increases, the financial regulator has said.challenging banks that have been mean with their savings rate
Nikhil Rathi, FCA chief executive, told MPs on the Treasury Select Committee that it had been “standard practice” for banks to offer more attractive rates to new savers while leaving existing savers earning less on older rates. “We expect that the harm from this practice will have increased as the base rate has risen,” he said.
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