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Financial News: UK Financial Regulator Mulls Basic Interest Rate For

UK Financial Regulator Mulls Basic Interest Rate For Savings Accounts

07/25/2018 - 08:45:00 (RTTNews)

(RTTNews) - The Financial Conduct Authority suggested introducing a basic savings rate for longstanding bank customers.

In the Discussion Paper, the FCA set out a range of options to address issues faced by longstanding customers.

The financial regulatory body was concerned that interest rates that longstanding savers receive are generally lower than those received by customers who shop around.

The Discussion Paper sought input on how to address the harm caused by this price discrimination.

The basic savings rate option would apply to all easy access cash saving accounts and easy access cash ISAs after they have been open for a set period of time, such as a year, FSA said.

Christopher Woolard, Executive Director of Strategy and Competition at the FCA said, "Providers can take advantage of high levels of customer inaction to pay lower interest rates to longstanding customers."

"While many customers have valid reasons for not shopping around, providers must still treat them fairly, while maintaining competitive rates for those who do," added Woolard.

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