UK's Hunt tells regulators to work 'at pace' to ensure markets working

UK's Hunt tells regulators to work 'at pace' to ensure markets working

Britain's finance minister Jeremy Hunt met regulators on Wednesday to agree steps to ensure consumers are being treated fairly and that those who are struggling to make payments receive help, the Treasury said. The government is under intense pressure to show it is acting to help consumers squeezed by surging household bills, including increased mortgage costs after the Bank of England last week raised interest rates by more than expected.

"Jeremy Hunt made clear his expectation that regulators work at pace to guarantee markets are working properly," the finance ministry said in a statement, following his meeting with the heads of the telecoms, energy, water and financial services regulators as well as the competition watchdog. The steps agreed included the Competition and Markets Authority publishing its review of road fuel profit margins in supermarkets and other retailers on Monday, and bringing forward its update on competition and pricing in the grocery sector to earlier next month than had been planned.

The Financial Conduct Authority (FCA) agreed to report by the end of July on how the savings market is supporting savers to benefit from higher interest rates and to require the largest banks and building societies to explain the pace and extent of their pass through of interest rates, the Treasury said. FCA Chief Executive Nikhil Rathi said it would take "swift action if firms aren't doing all they should to help people dealing with tighter household budgets".

The regulators also published a joint letter to companies setting out their expectations of how customers in financial difficulty should be treated, including proactively raising awareness of the support available. "We urge firms to show restraint on pricing, and where the prices of goods and services have risen as a direct consequence of increased input costs, we want to see firms in our respective sectors pass on any relevant reductions as soon as possible," the regulator chief executives said.

The government said the regulators had agreed to provide it with regular updates on their progress, with a follow-up meeting to be held later in the summer.

UK's Hunt tells regulators to work 'at pace' to ensure markets working
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