Laura WilesThe CMA has written a letter to Lloyds Banking Group in relation to the bank’s breaches of the Retail Banking Market Investigation Order 2017.
Part 5 (Payment Transactions Histories) of the Retail Banking Market Investigation Order 2017 requires banks and building societies to send payment transaction histories to any personal current account customer who closes their account, unless an exemption applies.
The CMA found that from April 2018 to October 2024, Lloyds had failed to provide approximately 360,000 former account holders with letters explaining how to access their payment transaction histories.
Lloyds had self-identified the issue and notified the CMA of the breach. The bank will now write to impacted customers to explain how to access their payment transaction histories. Guidance on how to access this information is now including in their personal current account closing statement.