January 2015 – The Telegraph reports that banks and building societies deprive millions of savers of almost a billion pounds in annual returns by paying less than the ‘minimum’ threshold for interest rates in Britain,.
The Financial Conduct Authority study finds that one in four savers is ripped-off by banks and building societies paying less than the 0.5 per cent interest rate “benchmark” set by the Bank of England.
The intervention is a victory for The Telegraph, which has exposed how savers were given poor notification about the interest rates on their accounts (“Death by 750 Cuts”), and subsequent changes, and fought for reforms.