LONDON, April 20 (Reuters) - Britain's financial
watchdog said it will use new, tougher consumer protection
powers from July 31 to ensure banks are passing on increases in
interest rates to savers.
"We have made clear that firms should be able to justify and
explain the rationale for the speed and degree to which they
make changes to their various savings rates," Financial Conduct
Authority Chief Executive Nikhil Rathi said in a letter to
parliament's Treasury Select Committee.
(Reporting by Huw Jones; editing by Jason Neely)
Messaging: huw.jones.thomsonreuters.com@reuters.net))
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