The largest banks in Britain are under scrutiny from the Financial Conduct Authority (FCA) for offering below-average interest rates on savings accounts, leading to dwindling returns for savers. The FCA has warned these banks, including $LLOY and $NWG, that they may face regulatory action if they do not provide better value to savers. This announcement follows a 14-point plan outlined by the FCA a year ago, aimed at ensuring banks pass on recent interest rate increases to consumers. Despite the regulatory pressure, some banks, including HSBC, are cutting their interest rates. HSBC announced it will reduce its US dollar savings rate to 0.75% from 1.0%, effective September 20.