“More and more savings accounts offer higher interest rates as a more competitive market emerges, although regulatory intervention may still be needed to ensure clients get fair valuethe UK’s Financial Conduct Authority (FCA) said early Friday morning in Asia, according to Reuters.
The British FCA takes steps to ensure UK savings bank account holders benefit from higher rates as quickly as higher costs are charged to them when requesting a loan. The matter came to the attention of the UK regulator after some of the banks seem not to pass on the rises in interest rates in the accounts of the savings banksaccording to the news.
Reuters also cites Britain’s FCA ordering the nine banks, including HSBC, to ensure that savings account holders benefited from the rate hike in July.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
