Correspondence

CMA takes action against NatWest for breaching Parts 2 and 10 of the Retail Banking Order

Competition and Markets Authority (CMA) finds breaches of the Retail Banking Market Investigation Order 2017 and NatWest has agreed to take action to put things right for customers.

Documents

Details

Part 2 of the Retail Banking Order requires the largest banks in Great Britain and Northern Ireland to ensure accurate, comprehensive and up to date product and service information is continuously available through Open Banking. NatWest breached Part 2 by making incorrect information available about its products and services.

Part 10 requires lenders to share information on their Business Current Accounts, Unsecured Loans and Unsecured Business Overdrafts with two or more independent comparison tools. NatWest breached Part 10 of the Order, as the information it shared with independent comparison tools on its small business loans included incorrect interest rates.

NatWest has taken steps to end each breach and to prevent a recurrence.

Published 22 July 2022