The FCA has seen progress from lenders and encourages savers to shop around for better deals.
The FCA's moderate tone may disappoint critics, as lawmakers on the Treasury Select Committee have accused banks of "profiteering" from customer reluctance to switch to products with higher rates.
Despite this, the FCA plans to release a report on savings at the end of July that will address data privacy restrictions that constrained banks' communication with customers on rates.
LONDON DAILY ARCHIVE
FCA Calls for Faster Rate Hikes for UK Savers, but Stresses It's Not up to Regulator to Dictate Pricing
The Financial Conduct Authority (FCA) has stated that banks in the UK need to accelerate rate rises for savers, but emphasized that it is not up to the watchdog to dictate pricing.
06 July 2023 · 20:09 UTC
