The Financial Conduct Authority (FCA) has written to investment firms and self-invested personal pension (SIPP) operators outlining its concerns relating to the treatment of retained interest on customer cash balances in light of rate increases in recent years.
The letter follows a survey carried out by the UK regulator on 42 firms beginning in July which found 71 percent retain at least some interest (between 10 and 100 percent) on cash balances.
This has led to ...
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