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CMA warns four banks over breaches of Retail Banking Market Investigation Order 2017

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Published on: 22 June 2021

Published by LNB News

LNB News 22/06/2021

Document Information

Issue Date: 22 June 2021

Published Date: 22 June 2021

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

Article summary

The Competition and Markets Authority (CMA) has written to four banks—Virgin Money, Monzo Bank Limited, the Bank of Ireland and NatWest Group—regarding breaches of Article 20 of the Retail Banking Market Investigation Order 2017. The banks breached the Order by failing to provide customers with their transaction history in the necessary timescale, ie within 40 days of a customer or small business closing their current account.

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