"Banks and Building Societies Urged to Provide Better Savings Rates for Struggling Consumers"

Today, representatives from the UK's biggest banks and building societies held a meeting with the Financial Conduct Authority to discuss the rising interest rates and prices which are making it increasingly difficult for consumers to access saving products. The FCA has already made progress with its new Consumer Duty and have seen some positive action from banks to improve their rates and offer better value products to customers. The FCA also encouraged banks to be proactive in helping customers access the best deals, while also urging savers to shop around to make sure they’re getting the best deal. The FCA committed to reporting at the end of the month on how the savings market is performing and whether additional action is required.