A 14-point action plan to make sure banks and building societies are passing on interest rate rises appropriately to savers has been set out by the City regulator.Firms offering the lowest savings rates will be required to justify by the end of August how those rates offer fair value - and the Financial Conduct Authority (FCA) said it will take action if they are unable to do so.The regulator wants to make sure savings providers are passing on rate increases and that they are communicating with

A 14-point action plan to make sure banks and building societies are passing on interest rate rises appropriately to savers has been set out by the City regulator.Firms offering the lowest savings rates will be required to justify by the end of August how those rates offer fair value - and the Financial Conduct Authority (FCA) said it will take action if they are unable to do so.The regulator wants to make sure savings providers are passing on rate increases and that they are communicating with customers much more effectively and offering them better deals.