Financial Services Financial Services

UK banks offering lowest savings rates must show 'fair value' or face action, FCA says

By Fiona Maxwell
  • 31 Jul 2023 11:00
  • 31 Jul 2023 10:57
UK banks will face regulatory action if they cannot justify by the end of August why they are offering low savings rates, the Financial Conduct Authority said today.
Banks that are offering the lowest savings rates will be required to justify how those rates offer “fair value” — one of the

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Fiona Maxwell

Senior Correspondent

Fiona Maxwell is a financial services senior correspondent at MLex in London. She began her career as a reporter for, writing about EU post-crisis regulation, and later worked for POLITICO in Brussels, covering the intersect between financial policy and politics. Prior to joining MLex, Fiona worked at the Bank of England as a policy adviser in the prudential policy directorate.

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