CMA Letter to HSBC UK about 11 breaches of the Retail Banking Order
Published By GOV.UK [English], Thu, Apr 28, 2022 5:04 AM
The provisions of Part 2, 8 and 10 of the Order include a requirement for the largest Great Britain (GB) and Northern Ireland (NI) banks to ensure accurate, comprehensive and up to date product and service information is continuously available. In turn, this allows third-party app and website providers to make personalised services and information available, such as making it easier for people and businesses to find out which bank account and lending products are best for them.
HSBC UK breached Part 2 of the Order 6 times by failing to publish or publishing incorrect information through Open Banking Application Programming Interfaces (APIs). The issues identified arose as a result of information being incorrectly entered into an internal information tool. This had the consequential impact of 2 additional breaches of Part 8 and 3 additional breaches of Part 10 of the Order.
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