Biggest UK Banks Under Fire for Not Passing On Rate Rises (3)

Banks including HSBC Holdings Plc, Barclays Plc and NatWest Group Plc have only passed through about a quarter of interest rate rises to savers, the Financial Conduct Authority said as it warned of “robust action” for firms that don’t transfer benefits to consumers.

Nine of Britain’s biggest lenders such as Lloyds Banking Group, Banco Santander SA and Virgin Money UK Plc passed on an average of 28% of base rate rises between January and May in their instant access savings offers, compared with an average of 80% in the five years through 2009, the FCA said in a ...