On 1 September 2023, the FCA issued a statement on its website providing an update on its assessment of what value firms’ savings products offer.
The FCA has required nine firms to provide it with their assessments of what value their savings products offer. The assessment follows the introduction of the Consumer Duty which requires firms to ensure the products and services across their range deliver fair value to their customers and act it they do not.
The FCA states that it is analysing the information that has been provided to it and will publish an update later this autumn, including any steps it might take if it identifies areas of concern.
The regulator will also publish a separate update this autumn on the progress made following the publication in July of a 14-point action plan to ensure people can access a competitive savings market.