Citizens Advice responds to Financial Conduct Authority re-prioritisation update
Alistair Cromwell, Acting Chief Executive of Citizens Advice, said:
“When the single easy access rate was proposed in January, the FCA predicted it would save people £260 million a year. It’s vital the FCA keeps track of how much banks penalise savers just for staying loyal, and it should be ready to implement the single easy access rate when interest rates rise.
“With Covid hitting people’s finances hard, the FCA needs to continue to look into ways to stop this unfair practice. We’re waiting to see what action will be taken to help the millions of people still paying the loyalty penalty in the mortgage and insurance markets.
This is the fourth super complaint Citizens Advice has made since being given the power in 2002. Its super-complaint on payment protection insurance (PPI) in 2005 helped to generate a huge win for consumers, with at least £38 billion returned to customers in refunds and compensation so far.
Notes to editors
- Citizens Advice includes the national charity; the network of independent local Citizens Advice charities across England and Wales; the Citizens Advice consumer service; and the Witness Service.
- Citizens Advice is the statutory consumer advocate for energy and post. We provide supplier performance information to consumers and policy analysis to decision makers.
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