Four major UK banks, HSBC, Lloyds, TSB, and AIB, are under scrutiny by the Competition and Markets Authority (CMA) for breaching a 2017 order designed to ensure fair competition in the retail banking sector.
The order mandates accurate information on products and services, including interest rates and branch locations.
HSBC failed to update branch information and provided inaccurate data on business loans and overdrafts. This is the second time the bank has faced similar violations.
TSB did not disclose maximum unarranged overdraft fees, while AIB listed incorrect interest rates for loans and overdrafts. Lloyds failed to provide addresses for 363 ATMs through open banking.
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The CMA has stated that the banks are taking corrective measures to prevent future breaches.
Dan Turnbull, senior director at the CMA, commented: “People deserve banks they can trust to serve them well. Having correct information is essential when making important decisions about our finances. Banks handling our hard-earned money should have adequate processes in place to ensure this happens.
“It’s disappointing that seven years on, we have to put in place formal enforcement measures to secure better compliance from a major bank like HSBC which, yet again, is in breach of the rules.
“The CMA will continue to closely monitor all banks’ compliance to ensure customers can clearly and confidently manage their finances.”
