Mills said in a broadcast interview reported by Reuters that it was not the FCA’s job to set prices. The FCA has said it will report back on whether it thinks the savings market is functioning by the end of this month. The committee has written to the UK’s four biggest banks and the FCA challenging them about savings rates.

This blatant profiteering has been shocking.” The time for action is now,” said Harriett Baldwin, chair of the Treasury Select Committee, this week.Īngela Eagle, another member of the committee, went further, accusing retail banks of “squeezing higher profits from their loyal savings customers. “With interest rates on the rise and our constituents feeling squeezed by rising prices, it is only right that the UK’s biggest banks step up their measly easy access savings rates. Questions about competition in banking could re-emerge, as could the threat of windfall taxes as banks prepare to post half-year earnings that are set to be flattered by interest rates rising more for borrowers than savers. It follows accusations banks have been “profiteering” from savers, prompting worries in the banking sector that they could face a wider debate about their role in society, according to several people familiar with the matter, who asked not to be named. Banks will continue to “work with the regulator on this important topic,” it added. Lobby group UK Finance said in a statement that the meeting was “constructive” and that the market is “competitive”. The statement followed the meeting between Sheldon Mills, the FCA’s executive director for consumers and competition, and a group of bank bosses from Lloyds Banking Group Plc, NatWest Group Plc, Barclays Plc and HSBC Holdings Plc as well as smaller firms such as TSB and Co-operative Bank. The market needs to be “competitive,” it added. The firms need to improve their standards in order to meet the demands of the incoming Consumer Duty, which is coming into force by the end of this month and puts extra burdens on lenders to treat customers fairly, the Financial Conduct Authority said in a statement issued after a meeting Thursday to discuss savings rates.īanks and building societies have made some improvements over rates in preparation for implementation of the Consumer Duty, but that needs to be stepped up, the FCA said. Zuckerberg’s First Tweet in 11 Years Is Playful Jibe at Musk Stocks Stumble as Traders Turn to Payroll Data: Markets Wrapīiden Set to Send Cluster Munitions to Ukraine Despite Concern Ukraine Has Caught Up With Russia’s Tank Numbers, Data Signal Meta’s Threads App Draws Millions Seeking a Twitter Alternative

(Bloomberg) - Banks must “accelerate” efforts to make it easier for customers to access their best savings rates, the latest sign of the mounting pressure on lenders to pass on more of the benefits of higher interest rates.

Tsb car loans