CMA Letter to Lloyds about 10 breaches of the Retail Banking Order
Letter to Lloyds about 10 breaches of Part 2 of the Retail Banking Market Investigation Order 2017.
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Part 2 of the Retail Banking Market Investigation Order contains the Open Banking provisions of the Order. This requires the largest Great Britain and Northern Ireland banks to make accurate, comprehensive and up to date product and service information continuously available. In turn, this allows third-party app and website providers to make available personalised services and information to make it easy for people and business to, for example, find out which bank account and lending products are best for them.
Lloyds breached the Order 10 times through inaccurate publication of information through Open Banking Application Programming Interface (APIs) which form one part of the broader Open Banking provisions of the Order.