UK FCA: More savings bank accounts will get higher interest rates through regulatory intervention

“More savings accounts are offering higher interest rates as a more competitive market emerges, though regulatory intervention may still be needed to ensure customers are getting fair value,” said the UK’s Financial Conduct Authority (FCA) early Friday morning in Asia per Reuters.

The UK FCA take steps to make sure that the British savings bank account holders get the benefits of higher rates as fast as they’re charged with higher costs while taking a loan. The issue gained attention of the British regulator after some of the banks appeared lacking to pass on the interest rate hikes to the savings bank accounts per the news.

More to come...