Regulator Puts Savers in its Sights

The FCA's proposal for a basic savings rate is just one of the developments affecting advisers this summer

James Gard 30 August, 2018 | 7:43AM

Financial adviser

The Bank of England’s interest rate rise has turned the spotlight on savings rates, with many providers failing to pass on the most recent rate rise.

In response to banks falling short, the Financial Conduct Authority has raised the idea of “a basic savings rate” for long-term customers, whose accounts are currently languishing on negligible rates. This problem has been on the regulator’s radar for a number of years. In 2015 it published the lowest savings rates available in the market for the first time as part of a “sunlight remedy” to expose the worst deals on offer.

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James Gard  is content editor for Morningstar.co.uk

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