Guidance
Retail Banking unarranged overdraft alerts: Directions to HSBC
Directions issued to HSBC about rules on providing alerts to customers on unarranged overdraft charges.
Documents
Details
HSBC has breached Part 6 of the Order by failing to provide Alerts to customers before those customers received charges in relation to unarranged overdrafts.
In total, the 2 breaches affected around 115,000 customers and HSBC will be repaying around £8 million in charges to affected customers. Some of the breaches have lasted since this part of the Order came into force in February 2018.
News story: HSBC and Santander to refund customers after CMA action
Published 29 November 2019