By 
HSBC, Lloyds, TSB, and AIB have been reprimanded by the UK’s Competition and Markets Authority (CMA) for failing to comply with regulations requiring clear and up-to-date customer information.
According to the CMA, HSBC inaccurately listed 167 closed branches as open and provided incorrect information on business loan and overdraft rates. TSB failed to disclose the maximum charges for unarranged overdrafts, while AIB did not provide correct annual rates for some loans and overdrafts through Open Banking and its website. Additionally, Lloyds did not make available the addresses of 363 ATMs through Open Banking.
In response, the CMA has issued public letters to the four banks. Lloyds, TSB, and AIB have agreed to implement changes, while HSBC, which the CMA identified as having the most extensive breaches, has been given detailed directions including an action plan.
Dan Turnbull, Senior Director at CMA, stated: “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.”
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