In response to the FCA publishing the results of its analysis on fair value in cash savings, Tim Hogg, director at consumer group Fairer Finance said:

“It's vital to ensure that those customers with large sums saved in low interest accounts are making an informed decision to leave their money where it is. We've seen some banks sending effective communications, prompting inert customers to engage with their savings. However, we continue to see some providers sending vague and ineffective emails to their savings customers, which don't cut through the noise. As interest rates are expected to fall further over the next year, the FCA will be checking to see how banks respond. We would expect further regulatory action if prices 'rise like a rocket', after having 'fallen like a feather'."