CMA publishes final retail banking order

The final order implementing the retail banking reforms has been published. It sets out the timetable for introducing the various remedies the CMA recommended, including:

  • open banking: the largest UK banks must develop and adopt an open API standard between now and Q1 2018;
  • facilitating switching: undertakings on governance and awareness of the CASS service take effect in Q3 2017;
  • the monthly maximum unarranged overdraft charge: taking effect from Q3 2017 with overdraft alerts with grace periods taking effect from Q1 2018 ;
  • standardised business current account opening procedures: various preparatory measures will lead up to this taking effect in Q1 2018; and
  • banks having to publish service quality statistics. Co-operation with FCA has already started, and publication will be in full force by Q3 2018.

The Final Order has been published alongside explanatory notes, and the various responses and undertakings received from banks and other key market players.

FIN. Team