Login to access your account

Thu, 1 October 2020

Personalise Your Politics

Subscribe now
The House Live All
Unleashing co-operatives and other mutuals is critical to the recovery Partner content
Spending Review must support innovation to improve resilience and cut carbon emissions Partner content
The Government should enable the low-carbon transition, but the private sector can drive behaviour change Partner content
By InPost
Press releases

BSA comments on FCA savings market consultation

Building Societies Association

1 min read Partner content

Brian Morris, Head of Savings Policy at the BSA responds to a new FCA consultation. 

Commenting on the FCA’s cash savings consultation paper Introducing a Single Easy Access Rate for cash savings Brian Morris, Head of Savings Policy at the BSA said:

“We support the FCA’s intentions to improve the outcomes for long-standing savers across the whole market, but are uncertain that the proposed single easy access rate for cash savings (SEAR) will deliver the desired result. 

“The FCA note that building societies tend to offer higher interest rates to long standing customers¹.  The BSA has calculated that over the past three years building society savers have received £2.5 billion² more in interest than those in similar accounts with the big banks. 

“The BSA and its members will now carefully consider the FCA’s proposals in their entirety and look to work with the regulator to achieve positive consumer outcomes.  This includes continuing to encourage savers to shop around for the best accounts.”


Associated Organisation
Engineering a Better World

Can technology deliver a better society? In a new podcast series from the heart of Westminster, The House magazine and the IET discuss with parliamentarians and industry experts how technology and engineering can provide policy solutions to our changing world.

Listen now