Corporate report

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.


SME banking behavioural undertakings of 2002: Report on compliance 2014

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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.

In 2014, 8 banks agreed to submit annual 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 SME banking audit reporting template and guidance should be used for submitting these reports.

The directions issued to First Trust and HSBC are also available.

Published 22 October 2014
Last updated 29 January 2018 + show all updates
  1. 2017 report added.
  2. 2016 report added.
  3. First published.