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Single Easy Access Rate (SEAR)

Single Easy Access Rate (SEAR)

What will it mean for firms?

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In a recently published consultation paper, the FCA has proposed a single interest rate for all easy access savings accounts provided by a deposit-taking institution. Firms have until April 9 to provide comments on this consultation paper to the FCA. As a priority, firms should identify and assess a range of scenarios, including competitive dynamics and to understand the potential impact of the proposal, including the ‘unintended consequences’ for the market.

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