As the FCA announces it plans to introduce new rules to clearly alert cash savers to changes in their account, Keep Me Posted's chair Judith Donovan CBE, says: “As part of its new proposals, the FCA plans to introduce new rules meaning service providers have to make sure they are ‘clearly alerting consumers’ to changes in their account. While at first glance these plans seem like welcome news, the wording provided by the FCA doesn’t guarantee consumers the right to choose the medium through which their provider contacts them. For many people across the UK, paper bills and statements are a vital part of their everyday financial management and there is an expectation that important changes will be communicated through paper. We encourage the FCA to consider this issue as they move forward with their consultation." Keep Me Posted's own findings have shown:
- More than three in five UK adults (61%) feel they should receive a notification via paper if there was a change to their savings account compared to just 35% who feel e-mail would be sufficient (Opinium research 2014)
- People aged over 55 are 11% more likely to expect a paper notification when changes occur.