Some UK banks improving interest rates for savers, says watchdog

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More savings accounts are offering higher interest rates as a more competitive market emerges.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Published by

01 Sep 2023

More savings accounts are offering higher interest rates as a more competitive market emerges, though regulatory intervention may still be needed to ensure customers are getting fair value, Britain's Financial Conduct Authority (FCA) said on Friday.

Lawmakers have criticised lenders for being quick to pass on higher Bank of England interest rates to borrowers, but much slower raising rates offered to savers.

Earlier this month the FCA told nine banks and building societies, such as HSBC, Lloyds, NatWest and Barclays, to spell out to the regulator by the end of August whether their savings rates offered fair value to customers under the tougher «consumer duty» that came into force at the end of July.

«We will now analyse the information banks and building societies have provided. We will publish an update later this autumn, including any steps we might take if we identify areas of concern,» the FCA said in a statement on Friday.

«In July, we outlined a