Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, with reference to the cash savings market study, published by the Financial Conduct Authority in January 2015, how quickly he expects any benefits to be experienced by savers as a result of changes introduced.

In January 2015, the Financial Conduct Authority (FCA) published its Cash Savings Market Study, which found that competition in the cash savings market was not working well for many consumers. In response, the FCA has consulted on and are introducing new rules and guidance from 1 December 2016 to improve firms’ methods of disclosing information to customers on savings accounts and their interest rates. The rules will make it easier for customers to see what the interest rate is on their account and will place stricter provisions on firms to ensure customers are informed about cuts to their rates.