FCA releases discussion paper addressing cash savings market

The Financial Conduct Authority (FCA) has published a discussion paper setting out a range of options to address price discrimination issues faced by customers in the cash savings market. Its Discussion Paper comes in response to concerns that interest rates are lower on easy access cash savings products for longstanding customers than for those who shop around. The FCA is now calling for input on how to address the harm caused by this 'price discrimination' and has set out a range of options to address this issue, including introducing a basic savings rate (BSR). This BSR option w...