CMA writes to NatWest on retail banking order breaches

The CMA has written to NatWest in relation to breaches by the bank of the Retail Banking Market Investigation Order. It found the bank:

• did not provide the required Monthly Maximum Charge information to customers in three separate breaches, the longest of which lasted 10 months;
• did not include the Equivalent Annual Rate in letters to over 60,000 SME customers for a period of over 3 years; and
• did not continuously offer the price and eligibility took on 4 occasions, affecting around 200 SMEs per month.

The bank had self-reported and taken proactive steps to end the breaches and prevent recurrence. The CMA does not plan any further action.