LONDON (Reuters) – Britain’s finance minister Jeremy Hunt met regulators on Wednesday 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 rising 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 Hunt’s 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 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.
The government said the regulators had agreed to provide regular updates to the Treasury on their progress, with a follow-up meeting to be held later in the summer.
(Reporting by Kylie MacLellan; editing by David Milliken)
