Banks Called in by UK Regulators, Lawmakers to Explain Low Savings Rates vs. Higher Mortgage Costs

• British lawmakers and regulators demand banks raise savings account rates which trail far behind rising mortgage rates.
• The Treasury Select Committee has summoned CEOs of major British banks to discuss "exploiting" customers with low savings rates.
• The Financial Conduct Authority expects bank CEOs to attend a meeting to address the rate discrepancy.
• MPs argue banks are too slow to pass on interest rate increases to savings customers even as rates for mortgage holders have climbed.
• Ministers express concerns about customers struggling in the face of higher costs of living and mortgages but minimal returns on savings.

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