Correspondence
CMA takes action against Barclays for breaching Part 8 of the Retail Banking Order
Competition and Markets Authority (CMA) finds two breaches of the Retail Banking Market Investigation Order 2017 and Barclays has agreed to take action to put things right for customers.
Documents
Details
Part 8 of the Retail Banking Order requires providers of business overdrafts to small and medium-sized enterprises (SMEs) to publish a representative rate for those products. Rates published must be displayed prominently and kept accurate and up to date. Barclays breached Part 8 of the Order by publishing incorrect rates on two of its webpages.
Barclays has corrected the information on its website and has taken steps to prevent a recurrence.