UK watchdog launches consumer campaign

The Financial Conduct Authority (FCA) has launched a campaign to encourage consumers to switch their savings accounts.

The campaign demonstrates the ease and speed of switching for better interest rates and uses the dedicated page on the regulator’s website to calculate their potential rewards.

Sheldon Mills, executive director of consumers and competition at the FCA, said the campaign shows it could take as little as five minutes to find a better deal.

“We know that people can be put off switching for a variety of reasons, but they could be making their money work harder,” said Mills.

Research by the FCA found just over half of savers said they had switched – or were considering switching – their savings accounts to take advantage of better rates.

Almost two thirds of those surveyed would consider switching but are yet to make the change, the research found.

“From July 2023 to December 2023, the amount held in bank and building society non-interest-bearing accounts reduced by £13bn and in easy access accounts, which typically have lower interest rates, by £9bn,” the regulator said.

The £600k campaign will run across radio, digital audio, and social media.