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.
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UPDATE: 20 September 2018: The CMA today revoked the Directions given to the Royal Bank of Scotland Group on 29 January 2018 on confirmation by the Bank that it had met the requirements of the Directions.
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.
Last updated 20 September 2018 + show all updates
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Update on Directions.
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First published.