Correspondence

CMA letter to HSBC about breaching Part 7 of the Retail Banking Order

CMA finds a breach of Part 7 of the Retail Banking Market Investigation Order 2017 and HSBC has agreed to take action to prevent a recurrence.

• From: Competition and Markets Authority
• Published: 25 July 2024

Documents

CMA letter to HSBC about a breach of the Retail Banking Order

PDF, 121 KB, 2 pages

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Details

HSBC breached Part 7 of the Order by publishing an incorrect value for its Monthly Maximum Charge (MMC) on some of its multi-function devices (which are replacing ATM machines).

Providers cannot charge customers more in un-arranged overdraft charges than the MMC in any given month. Between 27 October 2023 until 28 February 2024, 310 Devices displayed the MMC as £35 instead of the actual value of £20.

Published 25 July 2024