British watchdog to ensure savers benefit from interest rate rises

LONDON, April 20 (Reuters) - Britain's financial watchdog said it will use new, tougher consumer protection powers from July 31 to ensure banks are passing on increases in interest rates to savers.

"We have made clear that firms should be able to justify and explain the rationale for the speed and degree to which they make changes to their various savings rates," Financial Conduct Authority Chief Executive Nikhil Rathi said in a letter to parliament's Treasury Select Committee. (Reporting by Huw Jones; editing by Jason Neely)