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- UK FCA: More savings bank accounts will get higher interest rates through regulatory intervention
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 takes steps to make sure that 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 the 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.
Reuters also cites the UK FCA order to the nine banks, including HSBC, to ensure the savings account holders got the benefits of higher rates in July.
Market implications
The news may help the GBP/USD pair to regain upside traction, after snapping a three-day winning streak, as it teases the Bank of England (BoE) hawks. However, the GBP/USD pair remains defensive near 1.2675 by the press time.
Also read: GBP/USD Price Analysis: 50-SMA defends Cable bulls below 1.2700, US NFP, BOE’s Pill eyed
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