December 2016 – The Financial Conduct Authority has published new measures for cash savings accounts to boost competition. From December 2016, firms will have to provide clear information on interest rates offered on cash savings products as well as clearly reminding consumers about changes in interest rates or the end of an introductory rate.
Our Comment – This takes us full circle back to the days before the Banking Code Standards Board and the Office of Fair Trading were axed by the incoming government.