FCA Aims to Simplify Savings Market

The UK based Financial Conduct Authority is proposing new rules to simplify the savings market; banks will be able to offer new customers multiple introductory rates for the first 12 months then choose a single rate for easy access accounts and easy access cash savings Isas; Christopher Woolard, FCA Executive Director of Strategy and Competition, said to the FT: “Competition is not working well for many of the 40m consumers with easy access savings accounts and we want that to change.”; the changes are meant to help savers better understand rates and generate better returns which are down to 0.59 percent from 0.64 percent a years ago; Jenny Ross, Editor of consumer group Which? Money, tells the FT, “Switching is complicated by firms offering a huge array of products at different rates, often with unclear pricing information, so it’s right that the regulator is intervening with the introduction of a single easy access rate.” Financial Times

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.