The FCA updates on progress in the cash savings market since it published its review in July 2023.
In July the FCA published a review of the cash savings market, setting out an action plan to ensure that banks and building societies are:
- passing on interest rate rises to savers appropriately
- communicating with customers much more effectively
- offering better savings rate deals to customers
The FCA committed to monitoring relevant firm and market statistics, linked to the outcomes it wants to see on cash savings. This update sets out how the market has developed since then, as well as where firms need to continue to make progress towards the consumer outcomes it expects. It expects to see continued improvements from firms.