The Financial Conduct Authority (FCA) has launched a consultation proposing that savings providers introduce a single easy access rate (SEAR) to make it easier for individuals to compare interest rates across the market.
Under the proposed new rules, savings providers will be able to offer introductory rates for up to 12 months, but will then need to set a single rate for their Easy Access savings accounts and one for Easy Access ISAs. Both rates would also be subject to formal publication. The regulator predicts the proposals could mean savers benefit from £260 million in higher interest payments.
Commenting on the proposals, Ewan Edwards, Head of Savings at Aldermore said: “We welcome the FCA’s new proposals to bring more transparency to the market and make it easier to compare products, so savers can get the most out of their money. These proposals are not only pro consumer, they are also pro competition.
“There is sometimes inertia among consumers when it comes to moving their savings and this in part may be due to the confusing nature of comparing rates and products. This initiative could help change that by making things clearer. We’ll be monitoring closely how these proposals develop and will continue to work hard on behalf of our customers to offer our most competitive rates and products going forward.”
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