Banks claim GDPR limits them from telling customers about savings deals

07/07/2023 | Financial Times

UK banks have defended the interest rates they offer savers in a meeting with the financial watchdog, but concerns have been raised about low earnings on savings accounts. The Financial Conduct Authority (FCA) has held a summit with big lenders after the average two-year savings account rate was found to be 4.84%, while the average two-year fixed mortgage charged 6.54%. The FCA has urged banks to communicate more clearly with customers about savings rate changes and options. However, bankers argued that the UK General Data Protection Regulation (GDPR) made it difficult to contact customers who had opted out of marketing communications.

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Piggy bank, savings

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