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Four UK high street banks broke retail competition rules, watchdog says
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Four UK high street banks broke retail competition rules, watchdog says
Jul 25, 2024 3:05 AM

LONDON, July 25 (Reuters) - Four high street banks,

HSBC ( HSBC ), Lloyds, 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

sets 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 making

changes to their operations to prevent further breaches, the CMA

said.

HSBC ( 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.

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