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Single Easy Access Rate (SEAR)
Single Easy Access Rate (SEAR)
What will it mean for firms?
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.
© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
