Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will hold discussions with major banks on interest rates on savings accounts compared to other financial institutions.

The Chancellor has made clear his expectation that savers benefit from higher interest rates, and earlier this year he secured agreement from the FCA to review the savings market. The review was published in July and set out 14 actions for the FCA and firms to take to ensure customers were not losing out on higher interest rates.

The FCA recently shared an update on this work to acknowledge improvements in the market, meaning that more savers are now benefiting from higher interest rates. It also reaffirmed its commitment to continue working with industry to ensure savers are receiving fair value. This includes working with banks and building societies to review the fair value assessments they have already submitted

The retail savings market currently offers a range of options to savers, who can now access the highest rates in recent years on a variety of instant access and fixed-term products.