The FCA has proposed to reform the easy access cash savings market.
Under new rules, firms will have to set a single easy access rate (SEAR) across all easy access accounts.
The proposals will also require firms to publish data every six months on the SEARs they offer.
The FCA estimates that consumers will benefit by £260m from higher interest payments.
The authority is now seeking feedback on the proposals by 9th April 2020.
Christopher Woolard, executive director of strategy and competition at the FCA, said: “Competition is not working well for many of the 40 million consumers with easy access savings accounts and we want that to change.
“Our proposals would mean firms have a single rate for customers immediately after their accounts have been open for 12 months.
“The new rate will also make it easier for savers to know whether they are getting a good deal after any introductory offer has expired.”
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