Guidance

Directions issued to TSB Bank

Directions issued by the CMA to TSB Bank to ensure compliance with Part 6 of the Retail Banking Market Investigation Order 2017.

Documents

Directions

Details

The Retail Banking Market Investigation Order 2017 (the Order) followed the Competition and Markets Authority’s (CMA’s) market investigation into retail banking.

From 2 February 2018, providers of personal current accounts must start to automatically enrol customers to receive alerts when they:

  • have attempted to exceed a pre-agreed credit limit and could incur charges
  • have exceeded a pre-agreed credit limit and could incur charges
  • are at significant and imminent risk of exceeding a pre-agreed credit limit and could incur charges
  • are at significant and imminent risk of incurring charges

These Directions ensure that TSB Bank fully complies with Part 6 of the Order by 30 September 2018 and compensates any of its customers who have been negatively impacted by its failure to do so earlier.

Update

2 November 2018: The CMA today revoked the Directions given to TSB Bank plc on 2 March 2018 on confirmation by the Bank that it had met the requirements of the Directions to the satisfaction of the CMA.

Updates to this page

Published 2 March 2018
Last updated 2 November 2018 + show all updates
  1. Update on Directions published.

  2. First published.

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