"FCA Sets Out 14-Point Action Plan to Ensure Banks and Building Societies Pass Savings Rate Rises to Savers Fairly"

The FCA has released a 14-point action plan to ensure that banks and building societies are passing on interest rate rises to savers and communicating more effectively with customers. The action plan includes requirements for firms offering the lowest rates to demonstrate fair value to customers and to provide assessments by the end of 2023, publications of analyses of easy access savings accounts, reviews of cash ISA to cash ISA switching, and monitoring the effectiveness of customer communications. Additionally, the largest savings providers have also agreed to increase the efficiency of cash ISA to cash ISA switching, explore Open Banking, and develop a savings dashboard which gauges consumer activity in the savings market. If significant progress is not seen by the end of 2023, the FCA will take further action.