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<p>Treasury Ministers and officials receive representations from a wide variety of
organisations in the public and private sectors as part of the process of policy development
and delivery.</p><p> </p><p>The Government believes that it is important that consumers
have the information they need to make sensible decisions about their money. In 2015,
the Financial Conduct Authority (FCA) published a study of the cash savings market,
which concluded that competition in the sector was not working as effectively as it
could be. As a result, the FCA developed a series of measures to improve outcomes
for consumers which included introducing rules applicable from 1 December 2016 to
improve the information firms make available to consumers and to make it easier for
them to switch accounts. This included guidance on the prominent display of interest
rates and notifications.</p><p> </p><p>In addition, the FCA trialled a ‘sunlight’
remedy, which aimed to bring to light firms’ strategies towards their longstanding
customers. This involved the publication of the lowest interest rates offered on easy
access cash savings accounts and easy access cash ISAs on the FCA’s website between
2015 and 2016. The FCA is currently evaluating the effectiveness of the ‘sunlight’
remedy trial and considering whether to introduce this disclosure into rules and whether
any other actions may be needed to achieve more effective competition.</p>
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