LONDON, July 4 — British finance minister Jeremy Hunt gave his backing to the country’s financial regulator FCA to ensure banks are passing on better savings rates to consumers.

"Increased interest rates must also be passed on to savers,” Hunt said on Twitter. "@TheFCA (The Financial Conduct Authority) has my full backing to ensure banks are passing on better rates as they should be.”

Britain’s main banks meet with the FCA on Thursday to discuss how they are passing on rate increases to savers, a person familiar with the meeting said today. — Reuters