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Citizens Advice responds to Financial Conduct Authority re-prioritisation update

13 Tachwedd 2020

Alistair Cromwell, Acting Chief Executive of Citizens Advice, said:

“When the single easy access rate was proposed in January, the FCA predicted it would save people £260 million a year. It’s vital the FCA keeps track of how much banks penalise savers just for staying loyal, and it should be ready to implement the single easy access rate when interest rates rise.

“With Covid hitting people’s finances hard, the FCA needs to continue to look into ways to stop this unfair practice. We’re waiting to see what action will be taken to help the millions of people still paying the loyalty penalty in the mortgage and insurance markets.

ENDS
 
Citizens Advice submitted a super complaint on the loyalty penalty - in the mobile, broadband, home insurance, mortgages and savings markets - to the CMA in September 2018 calling for it to consider how the problem can be fixed. The CMA’s response to the super complaint, in December 2018, said it agreed and had found damaging practices by firms which exploit unsuspecting customers. The CMA said it wanted to see urgent action.

This is the fourth super complaint Citizens Advice has made since being given the power in 2002. Its super-complaint on payment protection insurance (PPI) in 2005 helped to generate a huge win for consumers, with at least £38 billion returned to customers in refunds and compensation so far.

Notes to editors

  1. Citizens Advice includes the national charity; the network of independent local Citizens Advice charities across England and Wales; the Citizens Advice consumer service; and the Witness Service.
  2. Citizens Advice is the statutory consumer advocate for energy and post. We provide supplier performance information to consumers and policy analysis to decision makers.
  3. The Citizens Advice Witness Service provides free, independent support for prosecution and defence witnesses in every criminal court in England and Wales.
  4. Citizens Advice offers Pension Wise services at 500 locations in England and Wales.
  5. Citizens Advice’s services are free, independent, confidential and impartial, and available to all regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  6. To get advice online or find your local Citizens Advice, visit citizensadvice.org.uk
  7. For consumer advice, call the Citizens Advice consumer service on 0808 223 1133 or 0808 223 1144 to talk in Welsh.
  8. We helped 2.6 million people face to face, by phone, email and webchat in 2017-18. For service statistics see our monthly publication Advice trends.
  9. Citizens Advice staff are supported by over 23,000 trained volunteers, working at over 2,500 locations in England and Wales.