The FCA has published its policy statement on cash savings remedies following feedback it received on its consultation and discussion paper CP15/24.
In January 2015 the FCA published its final findings of the cash savings market study. It found that the cash savings market was not working well for many consumers and it proposed remedies in four areas to improve the market:
- Disclosure remedies including a standardised summary box, switching box and improvement to timing of customer communications
- Sunlight remedy by improving transparency of interest rates
- Switching remedies focused on making switching easier
- Convenience remedies with the aim of reducing barriers so customers can manage savings and accounts in one place
The policy statement responds to the feedback the FCA received on the above proposals, it highlights where the policy has been adjusted to take into account respondents’ views and also sets out its next steps. The changes will come into effect on 1 December 2016.