Silver Saver accounts could fall foul of equality laws
In a bizarre move it has been announced that UK "Silver Saver accounts" which are targeted at the over 50s in the UK, may fall foul of the recent equality Bill. These accounts, many run by UK building societies, often offer a preferential rate or preferential terms to the over 50s in exchange for depositing their funds. At the time when the UK government and the UK banking industry has promised to address the issue of reduced savings income it seems bizarre that we should be talking about the banning of Silver Saver accounts.
While there is no doubt that moves such as the equality law, currently going through the Commons, do have significant attractions to the UK economy and UK society as a whole, there are some loopholes which need to be closed. Often seen as positive discrimination, the fact that these Silver Saver accounts could be reduced or banned under the regulations is a negative move to say the least. It is rumoured that ministers do have the option to veto a ban on such Silver Saver accounts, and other similar situations, but there is no guarantee that this veto will be exercised. We will monitor the situation and report accordingly.
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