Competition in the £700bn cash savings market often does not work well for consumers, particularly those with long-standing accounts, the Financial Conduct Authority (FCA) has found, as it reveals plans to overhaul how the industry works. The regulator said it should be easier for consumers to compare cash savings accounts and then switch providers – […]

Following a market study the FCA has published an interim report on the effectiveness of competition in the cash savings market. The report, which is based primarily on the analysis of easy access accounts and no-term cash ISA accounts, found that since many consumers do not shop around, banks are able to pay lower interest […]