Correspondence

CMA letter to HSBC about breaching Part 7 of the Retail Banking Order

CMA finds a breach of Part 7 of the Retail Banking Market Investigation Order 2017 and HSBC has agreed to take action to prevent a recurrence.

From:
Competition and Markets Authority
Published
25 July 2024

Documents

PDF, 121 KB, 2 pages

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Details

HSBC breached Part 7 of the Order by publishing an incorrect value for its Monthly Maximum Charge (MMC) on some of its multi-function devices (which are replacing ATM machines).

Providers cannot charge customers more in un-arranged overdraft charges than the MMC in any given month. Between 27 October 2023 until 28 February 2024, 310 Devices displayed the MMC as 拢35 instead of the actual value of 拢20.

Updates to this page

Published 25 July 2024

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