Correspondence
CMA takes action against Metro Bank for breaching Part 7 of the Retail Banking Order
Competition and Markets Authority (CMA) finds one breach of the Retail Banking Market Investigation Order 2017 and Metro Bank has agreed to take action to put things right for customers.
Documents
Details
Part 7 of the Retail Banking Order requires banks and building societies to specify the Monthly Maximum Charge (MMC) that could accrue in relation to a Personal Current Account (PCA) in any month as a result of exceeding or attempting to exceed a pre-agreed credit limit on a PCA. Metro Bank breached Part 7 of the Order by charging 92 customers more than its £60 MMC.
Metro Bank has refunded affected customers and has taken steps to prevent a recurrence.