Home business Business Competition and Markets Authority says banks broke competition rules #Busienss

Business Competition and Markets Authority says banks broke competition rules #Busienss

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Competition and Markets Authority announces six banks broke competition rules about keeping customers informed

Six banks have broken competition rules about keeping customers informed, a regulator has announced. 

The Competition and Markets Authority (CMA) said Lloyds, NatWest, HSBC, Barclays, Metro Bank and Bank of Ireland breached regulations protecting customers. 

Metro Bank customers were refunded after 92 were overcharged for entering unarranged overdrafts, the CMA said. 

Pointing the finger: The CMA said Lloyds, NatWest, HSBC, Barclays, Metro Bank and Bank of Ireland breached regulations protecting customers

Barclays was called out for failing to keep online information on interest rates for overdrafts up to date. 

Lloyds published wrong service quality rankings in leaflets and posters. And NatWest failed to update its records after the closure of branches and ATMs. 

All six banks are making changes to their operations. 

Adam Land, at the CMA, said: ‘Customers have been let down, some of whom will receive refunds, so these high street names must get their act together.’

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