The Financial Conduct Authority (FCA) said it held a “constructive” meeting, after summoning banks to discuss concerns surrounding interest rates for savers lagging behind the cost of mortgages.
“We have challenged firms where their decision making has been slow,” read a statement from the regulator. “Those in the room recognised that they needed to do more to help their consumers access the best rates - we too recognise there is a need for further guidance, and will continue our focus on this.
“We have previously committed to reporting at the end of the month on how the savings market is supporting savers to benefit from higher interest rates; we will set out then whether further steps are needed.”
