LONDON – Four high street banks, HSBC (NYSE: HSBC), Lloyds (NYSE: LYG), TSB and Allied Irish Bank (AIB), broke Britain’s competition rules, the Competition and Markets Authority said in a statement on Thursday.
It did not set out any financial penalties for the breaches, which covered various sections of the Retail Banking Order that set out banks’ obligations to inform customers about their products and services.
The banks were issued with a letter informing them of the breaches. Lloyds, AIB, and TSB have confirmed they are changing their operations to prevent further breaches, the CMA said.
HSBC was considered to have breached the rules more extensively and has been issued with details of an action plan to ensure future compliance, the CMA added.
(Source: Reuters)
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.
