Regulator tells banks to stop variable rate rises

UPDATE: Banks have been told they must stop raising rates on variable rate mortgages and that they must also pass on any decreases in ECB rates

14th October, 2011
Photo: Bloomberg

Matthew Elderfield, the head of bank regulation, is understood to have told the country's banks that they must stop increasing variable rate mortgage rates, or could be forced to do so.

It's the first time the bank regulator has taken such a step and it has emerged following talks between the regulator and six banks earlier this week.

The action follows a week in which a government-backed reports set out a series of measures designed...

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