On Thursday, in a move that is likely to bump up interest rates for consumers, Britain’s markets watchdog has proposed a single interest rate for cash savings products.

The Financial Conduct Authority (FCA) stated, competition in cash savings products needs tweaking and is not working well for many of the 40 million consumers who hold either an easy access savings account or easy access cash Individual Savings Account or ISA.

“Under new rules all firms will have to set a single easy access rate (SEAR) across all easy access accounts,” said the FCA in a statement. “Firms will have flexibility to offer multiple introductory rates for up to 12 months, then they will need to choose one SEAR for their easy access cash savings accounts, and one for their easy access cash savings ISAs.”

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