- Citibank to pay more than $38m for improper handling of ADRs
- Barclaycard joins Coupa as inaugural pay partner
- US agencies issue proposal to streamline regulatory reporting for qualifying small institutions
- Barclays launches free mobile invoicing for SME clients
- Mortgage market softens following period of strong growth, according to UK Finance
- Alison Rose appointed Deputy CEO of NatWest Holdings
- Financial fraud is an industry-wide problem, says Diebold Nixdorf expired
- Lords EU Committee take evidence from the British Business Bank and Germany’s KfW expired
- Banks must unify information streams to combat fraud, says ThreatConnect expired
- UniCredit non-executive director Andrea Sironi resigns expired
- Deutsche Bank completes demerger of its Polish private and commercial banking business expired
- UK Finance supports government on mortgage solutions expired
6th November 2018
CMA revokes directions given to TSB Bank
The Competition and Markets Authority (CMA) has issued directions TSB Bank on 2nd March, 2018, to ensure compliance with Part 6 of the Retail Banking Market Investigation Order 2017. The Retail Banking Market Investigation Order 2017 (the Order) followed the CMA’s market investigation into retail banking.
From 2nd February, 2018, providers of personal current accounts must start to automatically enrol customers to receive alerts when they:
• have attempted to exceed a pre-agreed credit limit and could incur charges
• have exceeded a pre-agreed credit limit and could incur charges
• are at significant and imminent risk of exceeding a pre-agreed credit limit and could incur charges
• are at significant and imminent risk of incurring charges
These Directions ensure that TSB Bank fully complies with Part 6 of the Order by 30th September, 2018 and compensates any of its customers who have been negatively impacted by its failure to do so earlier.
On 2nd November, 2018, the CMA revoked the Directions given to TSB Bank plc on confirmation by the Bank that it had met the requirements of the Directions to the satisfaction of the CMA.