Britain’s Financial Conduct Authority (FCA) is asking banks to be more transparent with the rates they offer for savings accounts and to clearly communicate changes. This request comes with the FCA revealing that competition in the cash savings market “often does not work well,” with $242 billion held in savings accounts with interest rates equal to or lower than the Bank of England’s base rate of .5 percent.
The FCA wants to loosen the hold of the four largest lenders: Barclays Plc, HSBC Holdings Plc, Lloyds Banking Group Plc and Royal Bank of Scotland. The four entities hold more that 75 percent of the $1.1 trillion market. Christopher Woolard, director of strategy and competition at the FCA, said, “Firms should be competing to offer the best possible deal and consumers should have the information they need to help them shop around.”
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Japan Considers Regulation of AI Developers
May 7, 2024 by
CPI
European Commission Extends Decision Deadline for Ita-Lufthansa Merger
May 7, 2024 by
CPI
UK, US and Australia Sanction Senior Leader of LockBit Cybercrime Gang
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI