Directions issued to HSBC about breaches of the Retail Banking Order
Directions issued by the CMA to HSBC to ensure it complies with Article 12 (Part 2) and Part 8 of the Retail Banking Order.
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Article 12 (Part 2) of the Order requires the nine largest banks at the time of the Order in GB and NI (including HSBC) to release information such as branch location and opening hours through the Open Banking system. Such information shall be as accurate and up-to-date as reasonably practicable. HSBC breached Article 12 of the Order by releasing inaccurate information. Two branches were missing and 167 branches had not been removed from its Open banking releases since they had closed.
Part 8 of the Order requires banks to publish the representative cost of their loans and overdrafts in Annual Percentage Rate (APR) and Effective Annual Rate (EAR) terms respectively. Rates published must be accurate and kept up-to-date. HSBC breached Part 8 of the Order twice by publishing incorrect rates for SME loans and overdrafts for its Kinetic brand.