Events listed in Consumer Duty
FCA writes to firms about the treatment of retained interest on customers’ cash ...
ID 26220
The FCA has investigated 42 firms on their practices in dealing with earned interest on customers‘ cash balances, as these have risen in the last 18-24 months with the rise of the interest rates. Most of these investment platforms and SIPP operators retain part of the earned interest and additionally charge a fee for the cash, which is a practice called „double dipping“. Customers ...