This move follows the recent introduction of the consumer duty in July, which necessitates firms to provide and maintain services and products that consistently offer fair value to their customers. This mandate, alongside a 14-point action plan, is aimed at assuring customers’ access to a competitive savings environment.

Since the rollout of the July action plan, there’s been a notable increase in the availability of more attractive interest rates for both term limited and easy access accounts. This positive shift is encouraging for consumers, but the FCA remains vigilant.

The watchdog organisation has been staunch in its promise to impose stringent measures on any banks and building societies that fall short in meeting the standards of the consumer duty. A report released by the FCA revealed a worrying trend, highlighting that in the year leading up to May 2022, a staggering 7.4 million consumers faced challenges in accessing their providers.

The FCA is now in the process of reviewing the data provided by banks and building societies. They plan to release an update this autumn, outlining any necessary corrective actions should they spot concerning areas.