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.

New figures reveal £257.8bn is languishing in savings accounts paying no interest at all, leaving savers missing out on £13.6bn a year in interest.

The FCA has written to investment platforms and SIPP providers to ask them to disclose how much of the interest they receive from cash and bank deposits they pass on to their customers. 

SIPP provider Curtis Banks is to raise SIPP fees substantially in a major overhaul of its charges and the interest it pays on SIPP cash accounts.