The CMA has published its annual report on whether 8 UK banks are complying with the undertakings they gave in 2002 not to bundle loans and accounts.
CMA found no significant breaches during the last reporting year. Among its key observations were:
- that a small number of HSBC’s SME customers are in its non ring-fenced bank because of the way HSBC carried out its ring-fencing. It considers both its banks need to comply with the Undertakings;
- many of the banks are improving and enhancing their procedures and practices;
- CMA issued Directions to Barclays in July, but that will be included in next year’s report;
- reporting deadlines for the next cycle may be extended as a result of Covid-19;
- the main improvement that several of the banks can make is in second line assurance models, and a few improvements to training and awareness.