.......consumer arm criticises industry for making things too complicated


Savers face a complicated list of dos and don’ts when they open what should be a simple, easy-access account.
Last week, the respected Financial Services Consumer Panel, the consumer arm of City watchdog the Financial Conduct Authority, criticised the industry for making things too complicated. It said: ‘Reducing complexity would make life much easier for consumers to get a better deal from financial services. But, as experience shows, the industry is unwilling or unable to deliver.’ The review by the FCA into savings in July - which covered 20 of the largest banks and building societies and National Savings - found ‘terms and conditions generally difficult to navigate’. Easy-access accounts, where savers stash half the £700billion they hold in all types of accounts, often come with teaser rates or limited access to your money. So if you go for a top rate, watch out for these tricks.....Read more here