The Financial Conduct Authority (FCA) have told the UK's High Street banks that they will adopt a more pro-active regulatory role as regards their savings rates. They've asserted that those banks with the lowest savings interest rates may face punitive action, in the hope that this spurs them into offering higher interest rates. As context, the FCA has found that the nine largest commercial banks in the UK have passed on just 28 per cent of base interest rate increases since the beginning of 2022.

Thirteen increases in interest rates by the Bank of England (perhaps one more to come?) and the gap between borrowing and savings rates has widened. In part this is an information problem - are banks doing enough to alert customers to when changing savings accounts might lead to better outcomes?