CMA takes action against Metro Bank for breaching Part 7 of the Retail Banking Order
Published By GOV.UK [English], Fri, Jul 22, 2022 2:57 AM
Part 7 of the Retail Banking Order requires banks and building societies to specify the Monthly Maximum Charge (MMC) that could accrue in relation to a Personal Current Account (PCA) in any month as a result of exceeding or attempting to exceed a pre-agreed credit limit on a PCA. Metro Bank breached Part 7 of the Order by charging 92 customers more than its £60 MMC.
Metro Bank has refunded affected customers and has taken steps to prevent a recurrence.
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