Guidance

Small and medium-sized enterprise (SME) banking undertakings

This Undertaking limits the bundling of loans and business current accounts for SME customers.

• From: Competition and Markets Authority
• Published: 18 July 2002

Documents

SME 2002 undertakings (behavioural)

PDF, 164 KB, 22 pages

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(Released in 2016) SME banks transitional undertakings

PDF, 2.71 MB, 10 pages

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(Released in 2016) SME banking undertakings 2003 (switching)

PDF, 102 KB, 15 pages

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Details

Undertakings released

9 August 2016: following a formal remedy review process, the Competition and Markets Authority (CMA) released the:

• switching undertakings

• transitional undertakings (including relevant clauses within the behavioural undertakings)

• clauses within the behavioural undertakings that relate to portable credit history and transparency

The CMA decided to retain the bundling clauses in the behavioural undertakings (paragraphs 17 to 20), which prohibit the signatory banks from compelling a customer to open or maintain a business current account (BCA) alongside their loan or deposit account.

Description of the undertakings

These undertakings were given under the monopoly provisions of the Fair Trading Act 1973. They were signed by the UK’s leading banks and require them to:

• ensure that small and medium-sized enterprises (SMEs) can open a deposit account without also needing to open a BCA

• publish details of their tariffs

• meet time targets for account switching services

Published 18 July 2002