SME banking 2002 behavioural undertakings: reports on compliance
An annual audit into whether 8 leading UK banks are complying with undertakings they gave on not to bundle loans and accounts.
PDF, 497KB, 30 pages
PDF, 588KB, 22 pages
PDF, 500KB, 30 pages
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In 2002, a number of banks agreed that they would no longer (except for in specific circumstances) make a small and medium-sized enterprise (SME) customer open or maintain a business current account in order to get a business loan. This practice is commonly known as ‘bundling’ and was prevented by behavioural undertakings.
The undertakings require these banks to submit audit reports of their systems and procedures to the Competition and Markets Authority (CMA). The CMA reviews these and reports on its findings each year in the reports on compliance above.
The directions issued to First Trust and HSBC are also available.