Competition and Markets Authority says banks broke competition rules

Six banks have broken competition rules about keeping customers informed, a regulator has announced. 

The Competition and Markets Authority (CMA) said Lloyds, NatWest, HSBC, Barclays, Metro Bank and Bank of Ireland breached regulations protecting customers. 

Metro Bank customers were refunded after 92 were overcharged for entering unarranged overdrafts, the CMA said. 

Barclays was called out for failing to keep online information on interest rates for overdrafts up to date. 

Lloyds published wrong service quality rankings in leaflets and posters. And NatWest failed to update its records after the closure of branches and ATMs. 

All six banks are making changes to their operations. 

Adam Land, at the CMA, said: ‘Customers have been let down, some of whom will receive refunds, so these high street names must get their act together.’