The Financial Conduct Authority revealed accounts from 32 providers paying poor rates of interest to long-standing customers after findings at the start of the year showed £160 billion of funds were earning the same or less than the 0.5% Bank of England base rate.
It exposed cash savings accounts and individual savings accounts that pay as little as 0.01%, while accounts with HSBC and First Direct that are now closed to new customers and cannot be managed in a branch pay zero interest.
Experts said the results are a “wake-up call” to savings providers who leave customers in zombie accounts that pay paltry returns – effectively leaving them out of pocket once inflation is taken into account.
The FCA said it wanted to “shine a light” on treatment of long-standing customers and encourage them to offer better value accounts.
Full content: Daily Mail
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google to Appeal Partial Ruling in DOJ Antitrust Case
Apr 18, 2025 by
CPI
Indian Ad Agencies Warned Against WhatsApp Discussions After Antitrust Raids
Apr 17, 2025 by
CPI
US Court Ruling Against Google Spurs Fresh Antitrust Tensions in Europe
Apr 17, 2025 by
CPI
AstraZeneca Accused of Stifling Biosimilar Competition for Rare Disease Drug
Apr 17, 2025 by
CPI
EU AI Act Technical Standards Delayed Until Next Year
Apr 17, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – The Airline Industry
Apr 10, 2025 by
CPI
Boosting Competition in International Aviation
Apr 10, 2025 by
Jeffrey N. Shane
Reshaping Competition Policy for the U.S. Airline Industry
Apr 10, 2025 by
Diana L. Moss
Algorithmic Collusion in the Skies: The Role of AI in Shaping Airline Competition
Apr 10, 2025 by
Qi Ge, Myongjin Kim & Nicholas Rupp
Competition in U.S. Airline Markets: Major Developments and Economic Insights
Apr 10, 2025 by
Germán Bet