Guidance

Directions issued to the Co-operative Bank

Directions issued by the CMA to the Co-operative Bank to ensure compliance with Part 7 of the Retail Banking Market Investigation Order 2017.

• From: Competition and Markets Authority
• Published: 14 August 2017
• Last updated: 27 March 2018 — See all updates

Documents

Directions

PDF, 196 KB, 8 pages

Details

The Retail Banking Market Investigation Order 2017 (the Order) followed the Competition and Markets Authority’s (CMA’s) market investigation into retail banking. It requires, from 2 August 2017, that providers of personal current accounts must specify a ‘monthly maximum charge’ (MMC) that any customer could be charged for using (or attempting to use) their unarranged overdraft.

The Co-operative Bank applies a quarterly maximum charge. This is similar to an MMC but is calculated differently and does not comply with Part 7 of the Order. These directions ensure that the Co-operative Bank complies with Part 7 of the Order by 5 January 2018 and compensates any of its customers who have been negatively impacted by its failure to do so earlier.

Update

27 March 2018: The CMA today revoked the Directions given to the Co-operative Bank on 2 August 2017 on confirmation by the Bank that it had met the requirements of the Directions.

Published 14 August 2017
Last updated 27 March 2018 + show all updates

1. 27 March 2018

   CMA revoked the Directions given to the Co-operative Bank on 2 August 2017

2. 14 August 2017

   First published.