UK regulator to stop ‘loyalty penalty’ for cash-saving products
First-time customers for cash-savings products in the UK are getting higher interest rates than existing customers — which is now a no-no
09 January 2020 - 12:37
London — Britain’s financial markets watchdog proposed an overhaul of cash-saving products on Thursday designed to improve interest rates offered to long-standing customers.
The UK Financial Conduct Authority (FCA) said last year that first-time customers for cash-savings products were getting higher interest rates than existing customers when they came off introductory offers, dubbed a loyalty penalty in the industry...
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