Regulatory Alerts2018-07-24
Added · Updated
CP20/1: Introducing a Single Easy Access Rate for cash savings
The Financial Conduct Authority proposes requiring firms to introduce a Single Easy Access Rate (SEAR) for easy access cash savings accounts and ISAs, applying no later than the first anniversary of account opening. Firms would be permitted to offer multiple introductory rates for up to 12 months before selecting a single SEAR for each product type. Additionally, firms would be required to publish data on their SEARs, the proportion of balances receiving that rate, and their highest introductory interest rates. The consultation seeks comments on these proposals by 9 April 2020, with potential implementation at the start of the 2021/22 tax year.
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