Asked by: Stephen Lloyd (Liberal Democrat - Eastbourne)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans his Department has to require banks to inform customers at the expiration of a finance deal the best interest rates available through any bank.
Answered by John Glen
The Government is already taking action to ensure customers can get the best deal for banking products:
Open Banking will allow customers to take control of their data and use it to find the best deal for themselves with the help of third-parties.
Following the recommendation in the Competition and Markets Authority Retail Banking Investigation, the FCA is carrying out work on the most effective prompts and alerts for customers to ensure they engage with their choice of banking products. The government will study closely the work of the FCA in this area, and will consider whether any further action should be taken.