Guidance

Small and medium-sized enterprise (SME) banking undertakings

These undertakings provide price transparency and clearer and faster methods of switching. They limit the bundling of loans and accounts.

Documents

SME 2002 undertakings (behavioural)

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SME banks transitional undertakings

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SME banking undertakings 2003 (switching)

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Detail

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:

  • ensure that small and medium-sized enterprises (SMEs) can open a deposit account without also needing to open a business current account
  • publish details of their tariffs
  • meet time targets for account switching services