Government officials have not ruled out forcing the major high street banks to sign up to a “savings charter” to compel them to pass on higher interest rates to savers amid concerns over profiteering RichardVaughan1 reports
in additional profits over 2022 off the back of the Bank of England rate rises.
The Financial Conduct Authority is holding a meeting with the big four banks – HSBC, NatWest, Lloyds and Barclays – to discuss how they can better serve their customers when it comes to higher interest rates andAn average five-year fixed rate mortgage has topped 6 per cent, with two-year fixed rates at around 6.42 per cent, while the average easy access savings accounts only offer around 2.43 returns, with many accounts often far lower.
A Treasury source did not rule out introducing a “savings charter” in the same way the Government did with the recent “mortgage charter”, which set out a set of standards that the banks will meet.
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