Banks using Funding for Lending Scheme to 'rip off' customers - Telegraph: The claim comes after Andrew Bailey, head of prudential regulation at the Financial Services Authority, told MPs yesterday that interest rates for borrowers had not come down “to the same extent” as those paid on deposits. He said “the jury is still out” on whether the Funding for Lending Scheme (FLS) was delivering what it was set up for.
The FLS was established to provide banks with cheap state-backed funding on around £80bn of loans, reducing their costs by about £800m a year. The gains were supposed to be passed on to households and businesses in the form of cheaper and more available credit.
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