The Financial Conduct Authority is proposing new rules for those that offer cash savings; under the plans, financial institutions will have to set a single easy access rate, or SEAR; firms offering easy access accounts can offer an introductory rate for up to twelve months but then will need to choose a SEAR; the FCA believes that current competition in the market isn’t helping consumers who hold these accounts; they estimate that the increased competition will result in consumers receiving £260 million due to higher interest rates; firms will also be required to publish their rates every 6 months making it easier for consumers to compare offerings. Finextra
