December 1, 2016 / 7:26 AM / 8 months ago

BRIEF-UK watchdog announces new rules for cash savings accounts

1 Min Read

Dec 1 (Reuters) - UK's FCA (Financial Conduct Authority):

* Publishes new data on savings interest rates and announces new rules coming into effect

* New rules means that firms will have to provide easy-to-understand key information in an upfront summary box to help consumers compare savings accounts

* Firms will also have to clearly remind consumers about changes in interest rates or end of an introductory rate

* In addition, firms will be required to provide a quicker and easier switching process

* Will now evaluate effectiveness of this remedy and consider whether to introduce this disclosure, or other remedies into handbook rules Source text for Eikon: (Bengaluru Newsroom: +91 806 749 1136)

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