FCA Forces Banks To Simplify Savings Accounts' Terms

Law360, London (December 1, 2016, 2:51 PM GMT) -- U.K. banks from Thursday onward must give clients easy-to-understand information so they can compare the benefits of competing savings accounts and must make it quicker and easier to switch to a better deal, the Financial Conduct Authority said.

Firms will have to clearly remind savers about changes in interest rates or the end of an attractive introductory offer, as the financial watchdog attempts to pry open the market and guarantee that loyal customers know where to get the best offers.

“In a well-functioning market, providers should...
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