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

By Fiona Maxwell ( July 31, 2023, 10:00 GMT | Insight) -- UK banks that are offering the lowest savings rates will be required to justify how those rates offer “fair value” or face regulatory action, the FCA said today. The regulator made the announcement as part of a 14-point action plan to ensure banks and building societies are passing on interest rate rises to savers, after significant criticism of banks increasing the cost of borrowing but not passing on savings rates on deposits.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....

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