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