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.