The Financial Conduct Authority is analysing lenders’ fair value assessments, following concerns that not all savers are getting good deals.
In an update today (September 1), the regulator said it required nine firms to provide it with assessments of what value the lenders' savings products offer.
This follows the introduction of the consumer duty in July, which requires firms to ensure the products and services across their range deliver fair value to their customers and act if they do not.
Last month, the FCA set out a 14-point action plan to ensure banks and building societies are passing on interest rate rises to savers.
The plan aims to ensure that banks are communicating with customers much more effectively and offering them better savings rate deals.
It follows a review of the cash savings market and a roundtable held with banks in early July.
The FCA found that while interest rates on savings accounts have been rising, this has been happening more slowly for easy access accounts.
The FCA said: “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.”
Since this plan was published, the FCA said it has seen a greater availability of higher interest rates in both term limited and easy access accounts.
It has also seen moves by some savings providers to align the rates available on accounts currently on sale and those now closed.
“We welcome the development of a more competitive market and encourage people to shop around for the best deal.”
sonia.rach@ft.com
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