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Emma Dunkley, Siddhartha Venkataramakrishnan, Laura Noonan and Jane Croft in London
Britain’s financial watchdog has called on bank chief executives to address concerns that savings rates are lagging behind rising mortgage costs.
Top bankers from HSBC, NatWest, Lloyds and Barclays are expected to attend a meeting of the Financial Conduct Authority on Thursday amid allegations of profiteering from rising interest rates, according to people familiar with the matter.
The Bank of England raised rates to 5 percent last month. According to MoneyFacts, while the average rate on a two-year fixed-rate mortgage has risen to 6.42 percent, the average rate on an easy-access savings account is just 2.43 percent.
Read more about UK banks Here,
