UK Regulatory Authority: HSBC and four other major banks violated retail competition rules
The Competition and Markets Authority (CMA) in the UK stated that HSBC, Lloyds, TSB, and United Bankshares have violated the UK's retail competition rules. However, CMA did not impose any financial penalties for the violations. Lloyds, United Bankshares, and TSB have mentioned that they are making adjustments to their operations to avoid further violations. HSBC is considered to have violated the regulations more extensively and has released details of an action plan to ensure compliance in the future
Intelligence Finance learned that the Competition and Markets Authority (CMA) in the UK stated in a statement on Thursday that four major banks, HSBC.US, Lloyds Banking Group (LYG.US), TSB Bank, and Allied Irish Banks, have violated UK competition rules. However, the agency did not impose any financial penalties for the violations, which involved various parts of the Retail Banking Order, which requires banks to inform customers about their products and services.
CMA stated that Lloyds, Allied Irish Banks, and TSB Bank have confirmed that they are adjusting their operations to prevent further violations. CMA added that HSBC is considered to have more broadly violated the regulations and has released details of an action plan to ensure compliance in the future
