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

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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 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.

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