Bank executives have been summoned today by the Financial Conduct Authority (FCA) over concerns about the abysmally low interest rates on savings accounts.
While mortgage costs have skyrocketed due to soaring interest rates, savers have been left in the lurch as their rates remain stagnant. The FCA has called upon the leaders of Lloyds, HSBC, NatWest, and Barclays to convene today to address these pressing concerns.
The FCA is in place to protect consumers, support a healthy financial system and promote effective competition.
The CEO of Mycommunityfinance.co.uk, Tobias Gruber said: “The FCA’s intervention to hold UK’s high street banks accountable is a long-awaited battle cry against their unjust practices. Despite making billions from borrowers through swift interest rate hikes in the past year, these banks have shamelessly neglected savers, leaving them in the shadows.
“Passing on interest rates to savers is vital to maintain trust in the banking system, promote responsible saving habits, incentivise individuals, and contribute to overall economic stability”.
