Further responses to this consultation have been published alongside responses to the retail banking market investigation provisional decision on remedies on the retail banking case page. Individual responses to the NI PCA Order can be found on its case page.
This review will be conducted alongside the market investigation by a group composed of the same panel members as those conducting the market investigation.
Decision to undertake review of undertakings
6 November 2014: Following a consultation, the CMA has decided to undertake a formal review of the SME banking behavioural undertakings given by 9 1 clearing banks in 2002 and 2003. The review will be carried out alongside the retail banking market investigation.
Compliance with the SME banking behavioural undertakings
22 October 2014: After receiving internal audit reports from each of the banks subject to the undertakings and carefully considering these, the CMA issued First Trust Bank and HSBC with written directions. The directions will help ensure they comply with existing obligations relating to banking services for SMEs.
Nine banks originally provided undertakings in 2002 and 2003. These were: AIB Group (UK) plc (known as First Trust Bank); Bank of Ireland; Barclays Bank plc; Clydesdale Bank PLC; HBOS plc (now part of Lloyds Banking Group); HSBC Bank plc; Lloyds TSB Bank plc (now part of Lloyds Banking Group); Northern Bank Limited (now known as Danske Bank); and The Royal Bank of Scotland Group plc (which also includes Ulster Bank Ltd in Northern Ireland). The 9 banks became 8 following the acquisition of HBOS plc by Lloyds TSB plc in 2009. ↩