The FCA is cracking down on the practice of so-called ‘double-dipping’ by investment platforms and SIPP operators whereby they keep interest on customers’ cash balances and charge them a fee for doing so.

The FCA says some progress has been made in encouraging providers to increase savings rates but too many accounts - especially closed accounts - let savers down by paying derisory rates.

Wealth manager Charles Stanley has linked with fintech Bondsmith to launch a new savings option for clients through its platform Charles Stanley Direct.

The Financial Conduct Authority has launched a 14-point action to spur banks and building societies to pass on interest rates rise to cash savers faster.