Corporate report

SME banking 2002 behavioural undertakings: report on compliance 2015

An annual audit into whether 8 leading UK banks are complying with undertakings they gave on not to bundle loans and accounts.

Detail

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 CMA agreed a package of measures with all 8 banks which are subject to the undertakings. As part of the agreement, the banks agreed to undertake a detailed annual audit of their systems and procedures for ensuring compliance with the bundling undertakings. This report is for the second round of audit reports submitted by relevant banks in 2015.

Read the report for 2014.