Guidance

Directions issued to RBS Group

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

Documents

Directions

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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 auto enroll 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 RBS Group fully complies with Part 6 of the Order by 14 September 2018 and compensates any of its customers who have been negatively impacted by its failure to do so earlier.

Published 29 January 2018
Last updated 14 September 2018 + show all updates
  1. First published.