“I welcome today’s report and hope its findings will be of benefit to millions of ordinary savers across the country.
“Savers ultimately want an account that is easy to understand, hassle-free to open and consistently provides a good return on their money. Customers should be confident that the system works for them and not to their detriment. The FCA is right to say that providers must be transparent and make as much information as available as possible. A lack of transparency is one of the reasons why so many savers can end up in accounts that don’t meet their needs or that end up paying them a lower rate of interest than others in the market.
“But savers shouldn’t wait until the final report and then the implementation of its findings; there are providers out there already who are up-front with the information they provide customers and indeed, many of the findings in the FCA report simply reflect the way we already operate at Aldermore.”
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