CMA directs Starling over Retail Banking Order breaches

The CMA has issued directions to Starling Bank about putting in place an action plan in relation to various past breaches by the bank of the Retail Banking Market Investigation Order. The breaches included:

• failing to provide the market research company tasked with carrying out surveys under the order with data on around 17% of its PCA customers;
• publishing 2 out of date SQI tables on service quality; and
• over-reporting the number of accounts held by customers.

The bank provided reasons for all the breaches, some of which lasted long enough to affect several surveys. Based on the significance and number of the breaches, the CMA felt that the bank had not shown it could ensure its own compliance. As a result it has issued directions that the bank take all steps necessary to comply, including appointing an external body to carry out a review of its processes and procedures and provide appropriate training and reminders to staff.