Small and medium-sized enterprise (SME) banking undertakings
The Undertakings limit the bundling of loans and deposit accounts with business current accounts for SME customers.
Documents
Details
Final decision to release remaining undertakings
1 December 2025: The Competition and Markets Authority (CMA) published the final decision in its review of the remaining provisions of the undertakings. The undertakings have now been released in entirety and will be removed from the register of remedies in force.
In the CMA’s final decision of 9 August 2016 following its review of the SME banking undertakings 2002, the CMA decided to release undertakings 21 to 24 (relating to price transparency). The CMA aligned release with implementation of the CMA’s open banking remedies package. Following completion of the CMA’s open banking remedies package in September 2024, undertakings 21 to 24 have therefore expired.
Provisional decision to release remaining undertakings
13 August 2025: The Competition and Markets Authority (CMA) published the provisional decision in its review of the remaining provisions of the undertakings. We have provisionally decided that the undertakings are no longer appropriate and should be released. We are now consulting on our provisional decision and notice of intention to release.
2 April 2025: The CMA consulted on a review of those provisions within the SME Banking Behavioural Undertakings 2002 which remain in force.
Undertakings released
9 August 2016: following a formal remedy review process, the CMA released the:
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switching undertakings
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transitional undertakings (including relevant clauses within the behavioural undertakings)
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clauses within the behavioural undertakings that relate to portable credit history and transparency
The CMA decided to retain the bundling clauses in the behavioural undertakings (paragraphs 17 to 20), which prohibit the signatory banks from compelling a customer to open or maintain a business current account (BCA) alongside their loan or deposit account.
Description of the undertakings
These undertakings were given under the monopoly provisions of the Fair Trading Act 1973. They were signed by the UK’s leading banks and require them to:
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ensure that small and medium-sized enterprises (SMEs) can open a deposit account without also needing to open a BCA
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publish details of their tariffs
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meet time targets for account switching services
A full set of documents that were published during this inquiry are available on The National Archives website.
Updates to this page
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Final decision to release remaining undertakings published.
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Provisional decision published in the CMA's review of the remaining provisions of the undertakings.
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SME Banking Undertakings 2002 consultation launched.
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First published.