Comparing Savings Accounts: Understanding the FCA and ICO Positions on Regulatory Communications

The FCA and ICO have issued a joint letter to remind firms of their obligation to support customers in achieving good savings outcomes. They are requiring that firms provide their customers with regulatory communications that provide neutral, factual information about the interest rates and terms of the savings products they hold, the interest rates and terms of other available savings products, and what their options are for moving to another product - even if customers have opted out of direct marketing. The FCA will also be paying close attention to firms' engagement strategies to ensure customers can make informed decisions. By July, the FCA will release an updated report on how well the cash savings market is supporting customers.