Following concerns that not all savers are getting good deals, we required 9 firms to provide us with their assessments of what value their savings products offer.
This assessment follows the introduction of the Consumer Duty[1] in July 2023, which requires firms to ensure the products and services across their range deliver fair value to their customers and act if they do not.
We will now analyse the information banks and building societies have provided. We will publish an update later this autumn, including any steps we might take if we identify areas of concern.
In July 2023, we outlined a 14-point action plan to ensure people can access a competitive savings market. We are making progress on each of these and will provide a separate update this autumn.
Since this plan was published, we have seen the greater availability of higher interest rates in both term limited and easy access accounts. We have also seen moves by some savings providers to align the rates available on accounts currently on sale and those now closed. We welcome the development of a more competitive market and encourage people to shop around for the best deal.