CMA takes action against Bank of Ireland for breaching Parts 2 and 3 of the Retail Banking Order
Competition and Markets Authority (CMA) finds breaches of the Retail Banking Market Investigation Order 2017 and Bank of Ireland has agreed to take action to put things right for customers.
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Part 2 of the Retail Banking Order requires the largest banks in Great Britain and Northern Ireland to ensure accurate, comprehensive and up to date product and service information is continuously available through Open Banking. Bank of Ireland breached Part 2 by making incorrect information available about its products and services.
Part 3 requires banks and building societies that offer Personal Current Accounts and Business Current Accounts to publish Service Quality Indicators (SQIs). SQIs show whether customers would recommend their bank or building society to friends or family. Bank of Ireland breached Part 3 because its mobile banking app did not display a link to the SQIs within two steps of the primary screen when accessed through tablets.
Bank of Ireland has taken steps to end each breach and to prevent a recurrence.