CMA takes action against Lloyds Banking Group for breaching Parts 3 and 8 of the Retail Banking Order

Part 3 of the Retail Banking Order requires banks and building societies that offer Personal Current Accounts (PCAs) and Business Current Accounts (BCAs) to publish Service Quality Indicators (SQIs). SQIs show whether customers would recommend their bank or building society to friends or family. SQIs must be published prominently in branches and in information leaflets. Lloyds Banking Group breached Part 3 of the Order by failing to provide the correct SQI information in leaflets and posters in 44 branches.

Part 8 of the Order requires providers of business overdrafts to small and medium-sized enterprises (SMEs) to publish a representative rate for those products. Rates must be displayed prominently and kept accurate and up to date. Lloyds Banking Group breached Part 8 of the Order by publishing an incorrect rate on one of its webpages.

Lloyds Banking Group has taken steps to end each breach and to prevent a recurrence.