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Pressure on UK banks over poor rates harmed competition, lawmakers told

By Phoebe Seers ( December 3, 2024, 15:43 GMT | Insight) -- The intervention last year by the UK Financial Conduct Authority — over the poor interest rates that banks were offering savers — perfectly captures the near-impossible job the FCA has in balancing its objectives. Following pressure from lawmakers, the authority wrote to banks threatening regulatory action if they couldn’t show that their interest rates offered on easy-access accounts offered good value. As a result, rates improved and consumers presumably had more money in their accounts. But today, the head of an organization that represents the banking industry told lawmakers that the FCA’s move had harmed competition. The intervention last year by the UK Financial Conduct Authority — over the poor interest rates that banks were offering savers — perfectly captures the near-impossible job the FCA has in balancing its objectives....

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