FCA unveils market study into £1trn cash savings market

The Financial Conduct Authority (FCA) is to carry out a study into the UK cash savings market as part of a programme of work seeking to assess the effectiveness of competition in financial markets.

The review of the £1trn market will look at issues including the effects of introductory interest rates called ‘teaser rates' and how often consumers switch their savings accounts.  It is being carried out to help the regulator ensure consumers get the best possible outcomes. The FCA has a statutory objective to promote effective competition in the interest of consumers and will undertake a number of reviews into various financial markets to assess competition in the near future. It will also invite evidence early next year as part of a 'wholesale strategic review' to look at the w...