The Financial Conduct Authority is looking at how lenders assess what value their savings products offer.
In an update today (1 September) the regulator said it required nine firms to provide it with fair value assessments.
This follows concerns that not all savers are getting good deals and the introduction of the Consumer Duty in July.
A month ago the FCA outlined a 14-point action plan to ensure people can access a competitive savings market.
According to the regulator it has seen an improvement in the market since the plan was published.
There is a greater availability of higher interest rates in both term limited and easy access accounts.
And the FCA has also seen moves by some savings providers to align the rates available on accounts currently on sale and those now closed.
“We welcome the development of a more competitive market and encourage people to shop around for the best deal,” it added.
At the launch of the 14-point action Sheldon Mills, executive director of consumers and competition at the FCA, said: “We want a competitive cash savings market that delivers better deals for savers, where interest rates are reviewed quickly following base rate changes and firms prompt savers to switch to accounts paying higher rates.
“We welcome the progress that has been made so far but this needs to speed up. We will be using the Consumer Duty to ensure this is the case – with firms required to prove to us that they are offering their customers fair value.
“We continue to urge savers to shop around to take advantage of the increasing number of better saving deals available.”
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