Correspondence
CMA letter to AIB about breaching Parts 2 and 8 and Article 56.2 of the Retail Banking Order
CMA finds breaches of Parts 2 and 8 and Article 56.2 of the Retail Banking Market Investigation Order 2017 and AIB has agreed to take action to prevent a recurrence.
Documents
Details
AIB breached the Retail Banking Order in three ways. It breached Part 2 and Part 8 of the Order through failing to keep information on Annual Percentage Rates and Equivalent Annual Rates up to date for loans and overdrafts to businesses. It breached Article 56.2 by failing to notify the CMA of breaches within the 14 days required by the Order.