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Payment protection: FCA to clamp down on ‘teaser’ rates

Savings accounts and ISAs may soon stop selling themselves on introductory, or ‘teaser’, rates.

The Financial Conduct Authority (FCA), which took over from the Financial Services Authority (FSA) at the start of this month, has suggested that it may look into the selling of teaser rates.

Often banks entice customers by offering them good interest rates for setting up savings accounts with them. However, these rates do not last for very long and result in the customer gaining barely any interest from their accounts.

At a conference in London, FCA chairman Martin Wheatley explained how customers get drawn in by these seemingly good deals but then do not do anything about it when they stop receiving their introductory interest rates.

The FCA has already said that this year it intends to study how behaviour economics affect the sale of banking products, including whether banks encourage ‘customer inertia’ to drive sales.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801573461-ADNFCR

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