The City regulator has warned it will consider cracking down on banks that appear to be profiteering from, or failing to quickly pass on, savings rates once new regulations come into force at the end of the month.
The Financial Conduct Authority (FCA) chief executive, Nikhil Rathi, told MPs on the Treasury committee that it was likely to take a range of “factors and metrics” into account when determining whether banks were offering “fair value” for savers under the incoming rules on consumer rights, called the consumer duty.
