Competition Watchdog Warns 4 Banks Over Inaccurate Information

The competition watchdog has reprimanded four high street banks over failures to provide accurate information about loan interest rates, charges, branches, or ATMs. The Competition and Markets Authority (CMA) on Thursday wrote to HSBC, Lloyds, TSB, and AIB, about various breaches of the Retail Banking Market Investigation Order 2017. CMA said it will continue to monitor the banks, but doesn’t expect to take further formal enforcement actions given the banks had taken steps to fix the problems. However, CMA also issued directions on how to prevent future breaches to HSBC, which “breached the Order more extensively,” citing the number and significance of the breaches and the watchdog’s concern that the bank had “not demonstrated its ability to ensure its own compliance.”...