FCA has published a policy statement on moving forwards the findings of the cash savings market study, and explaining the changes it has made in the BCOBS (Amendment No 4) Instrument 2015 (see above). It responds to feedback received on the consultation on these findings (see FReD 31 July). It highlights where FCA has adjusted its policy to take account of respondents’ views and sets out FCA’s plans for:
- disclosure remedies: final rules for the disclosure remedies it consulted on, including the summary box, guidance on the prominent display of interest rates and notifications, as well as a rule facilitating switching within a firm;
- the “sunlight remedy”: the first set of data for this remedy which is aimed primarily at market commentators and “shines a light” on the lowest interest rates available on open and closed easy-access cash savings accounts and easy-access cash ISAs; and
- switching: FCA set out the progress made working with industry to deliver seven working day switching for the vast majority of cash ISA transfers (except for those involving smaller providers) from January 2017.
The paper also sets out the next steps FCA plans to implement and the other remedies it consulted on. (Source: FCA Publishes Cash Savings Market Feedback)