The UK’s top financial regulator has vowed to “intervene” if investment and pension platforms continue unfairly to withhold interest payments on their customers’ cash balances or charge excessive fees for managing them.
The Financial Conduct Authority, which launched a probe in July, said the amount of interest these companies had earned from customers’ cash balances had “increased substantially” in the past 18 to 24 months as the Bank of England put up the base rate.
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