Summary boxes take effect as FCA publishes sunlight remedy data set

FCA has published its third “sunlight remedy” data set, which shows how firms treat interest on the accounts of long-standing customers. FCA’s research indicates the median lowest interest rate is higher on open accounts and closed ones, and on accounts that cannot be managed in branch. FCA will now evaluate how well its remedy worked and what steps to take next. In the meantime, new rules in BCOBS took effect on 1 December, requiring firms to provide a Summary Box in a set format for their savings accounts.

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