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<p>The Government strongly supports the principle of transparency in financial products, it welcomes the progress being made by the industry-led Simple Products initiative, which includes development of simple cash savings products with no introductory bonus rates.</p><p>The Financial Conduct Authority (FCA) is currently investigating whether the cash savings market is sufficiently competitive to work in the best interests of consumers. This study will look at the market for interest-bearing cash savings accounts, including the effect on competition of time-limited bonus rates. The FCA will consider whether it needs to take action as a result of its findings.</p> |