FCA consultation paper CP20/1 – Introducing a Single Easy Access Rate for cash savings
Regulatory Updates | 09/01/20
The Financial Conduct Authority (FCA) has published a consultation paper on proposals to make the cash savings market simpler and to improve competition. In CP20/1: Introducing a Single Easy Access Rate for cash savings the FCA proposes new rules to allow firms the flexibility to offer multiple introductory rates for up to 12 months, after which they would need to choose one Single Easy Access Rate (SEAR) for their easy access cash savings accounts, and one for their easy access cash savings ISAs. Existing customers would have the SEAR apply to their savings accounts or ISAs when the proposed rules came into force.