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The Latest Breaking News from the Treasury Committee

MP accuses UK’s biggest banks of being ‘far too slow’ to reward savers

Harriett Baldwin, who chairs the Treasury Committee, said the ‘big four’ banks have not done enough to pass on higher interest rates to savers.

The Independent UK

Banks under fire as HSBC profits surge while borrowers are squeezed

The chair of the Treasury Committee said the latest figures show major lenders are not sufficiently passing on higher interest rates to savers

The Independent UK

Savings providers must keep customers informed about available rates – watchdog

FCA boss Nikhil Rathi said firms will need a strategy to ensure customers are adequately informed of available rates across their product set.

The Independent UK

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Average two-year mortgage rates at 15-year high as lenders are quizzed by MPs

Bank and building society bosses appeared before the Treasury Committee on Tuesday, to explain what they are doing to support struggling customers.

The Independent UK

FTSE 100 hits lowest closing level of 2023 as interest rate rise fears grip markets – business live

FTSE 100 index posts biggest one-day fall since March, as strong US jobs report fuels fears of even higher US interest rates

The Guardian - UK

Banks pressed by MPs to make further rate hikes for savings customers

The Treasury Committee has written to the bosses of major banks to ask if they believe all their savings rates provide ‘fair value’ to customers.

The Independent UK

Concerns raised about ‘short notice’ of self-assessment helpline changes

The Treasury Committee is looking for clarification that the costs and benefits of the decision have been fully considered.

The Independent UK

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Big banks offering ‘measly’ savings rates to loyal customers, say MPs

The Treasury Committee found that a ‘loyalty penalty’ was especially prominent for elderly and vulnerable customers.

The Independent UK

Insurance industry bosses push back at perceptions of ‘profiteering’

Representatives appeared before MPs sitting on the Treasury Committee.

The Independent UK

Is crypto trading the same as gambling? This U.K. parliament committee thinks so, and most crypto advocates—unsurprisingly—disagree

The Treasury Committee in the House of Commons said crypto assets have "no intrinsic value."

Fortune

OPINION - Tech & Science Daily podcast: Should crypto trading be treated like a type of gambling?

The Treasury Committee says that consumer cryptocurrency trading should be regulated as gambling.

Evening Standard

Cryptocurrency trading should be regulated as gambling, says Treasury Committee

Unbacked cryptoassets pose significant risks to consumers, given their price volatility and the risk of losses, the committee said.

The Independent UK

Cryptocurrency trading should be regulated as gambling as it ‘serves no useful purpose’ otherwise, MPs say

The Committee said regulating cryptocurrencies as financial products risked giving people a false sense of security in the assets

Evening Standard

Treasury Committee expands campaign to encourage banks to boost savings rates

The Treasury Committee said it has written to Nationwide Building Society, Santander, TSB and Virgin Money about their easy access savings accounts.

The Independent UK

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The Independent UK

‘Harm to loyal savers will have increased with interest rate rises’

Financial Conduct Authority chief executive Nikhil Rathi was responding to the Treasury Committee, which has been looking into savings rates.

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