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CMA takes action against HSBC, TSB and Nationwide for breaching Part 5 of the Retail Banking Order

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Published on: 25 July 2023

Published by LNB News

LNB News 25/07/2023

Document Information

Issue Date: 25 July 2023

Published Date: 25 July 2023

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Competition and Markets Authority (CMA) has published three letters addressed to HSBC UK Bank plc (HSBC), TSB Bank plc (TSB) and Nationwide Building Society (Nationwide) relating to breaches of Part 5 of the Retail Banking Market Investigation Order 2017 (the Order). HSBC, TSB and Nationwide have agreed to take action to prevent a recurrence. Given the action that has been, and is being, taken by the institutions concerned, the CMA does not consider it appropriate to take further formal enforcement action in relation to these breaches at present. However, the CMA will consider such action in the event of any further breaches. The CMA will monitor the institutions’ future compliance closely.

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