Laura WilesThe FCA has published its latest analysis of fair value in the cash savings markets. Key highlights are: average interest on easy access savings accounts rose from 1.66% last July to 2.11% in June 2024; while firms were...
Category - Savings accounts
Emma Radmore
Duncan ScottFOS publishes latest complaints data
FOS has published its latest quarterly data on complaints in relation to financial products. The data covers the period of April to June 2022, and can be accessed in full as a spreadsheet. Over the period, the average...
Nicola Radford
FIN. TeamCMA consults on future oversight of open banking
The CMA has published a consultation paper seeking views on what arrangements it would be appropriate to put in place to ensure the effective oversight and governance of open banking following the implementation of the...
Quincecare Duty is limited to agents of the customer and does not extend to individual customers
In a decision that will be welcomed by the banking industry, the High Court in the case of Philipp v Barclays Bank UK plc [2021] EWHC 10 (Comm) has confirmed that the “Quincecare Duty” placed upon banks is...
FCA publishes modification by consent for CTF moves
FCA has published a modification by consent to allow Child Trust Fund providers to move dormant CTFs into protected account ISAs and service them in circumstances when they are unable to contact the client.
Emma RadmoreCovid-19: access to restricted savings
FCA has updated its Covid-19 information for firms in respect of consumers needing to access restricted savings. Research shows that over 20% of consumers have had to access their savings recently, and that several...
CMA publishes update on loyalty penalty progress
Following the Citizens Advice super-complaint to the CMA about the loyalty penalty (when companies charge longstanding customers more than new customers or those who renegotiate their deal), the CMA identified a...
FCA outlines plan to simplify cash savings market
The FCA’s 2015 Cash Savings Market Study found that the cash savings market is not operating effectively for many consumers, especially those with easy access cash savings accounts or easy access cash ISAs. The...
Up next from FCA
FCA’s latest Policy Development Update indicates several key publications scheduled for Q1 2020, including: potential policy statement on general insurance value measures reporting; consultation or discussion...
Up next from FCA
FCA’s latest Policy Development Update promises a number of publications before the end of the year, including: feedback on the Investment Platforms Market Study remedies; consultation on policy proposals for next...
Up next from FCA
The latest version of FCA’s Policy Development Update highlights: expected feedback on Investment Platforms Market Study Remedies by the end of the year; potential policy statement on general insurance value...
CMA updates on loyalty penalty work
CMA has updated on its work on the loyalty penalty. It says key decisions are due shortly and that two enforcement cases are underway. It says it expects regulators to take strong action where they find problems and...
Up next from FCA
FCA’s latest Policy Development Update heralds a few interesting papers on the near horizon, including: a consultation in June on alternatives to high cost credit; perhaps, a policy statement on general insurance...