The banks' profits are soaring, sometimes more than doubling, because they are not passing on interest rate increases to savers.
So the Financial Conduct Authority is threatening to fine them.
But if it did, then where would that money go? Would the savers get it?
Who does the FCA answer to?
ReplyDeleteWho, indeed? Even if it is nominally the Chancellor of the Exchequer, then he has to face only Rachel Reeves these days. Things would be very different if he were still facing John McDonnell.
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