Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Liverpool Echo
Liverpool Echo
World
Henry Saker-Clark & Lottie Gibbons

Customer warning as Lloyds, Natwest, HSBC, Barclays, Metro Bank breach regulations

Six high street 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 all breached regulations intended to protect customers. The watchdog said a number of Metro Bank customers were handed refunds after the high street challenger bank broke legislation.

Metro Bank overcharged 92 customers for entering unarranged overdrafts, the CMA said. Among other breaches, Barclays was called out by the watchdog for failing to keep online information on interest rates for overdrafts up to date.

READ MORE: Universal Credit claimants could be in line for bumper Christmas payment

Lloyds was criticised for publishing incorrect service quality rankings regarding current accounts in leaflets and posters which "gave potential customers a misleading impression of its performance".

The CMA also highlighted that NatWest breached rules by failing to update its records following the closure of branches and ATMs. All six banks have confirmed they are making changes to their operations to prevent further breaches.

Adam Land, senior director at the CMA, said: "We all have a right to expect up-to-date and correct information when making important decisions about our finances. It's therefore very disappointing that these six major banks have failed to uphold rules that have been in place for the last five years.

"Customers have been let down, some of whom will receive refunds, so these high street names must get their act together. We will remain vigilant to ensure the rules are followed."

Receive newsletters with the biggest and breaking TV and showbiz news by signing up here

Drivers urged to ignore speed camera myths as AA explain how they really work

Flight attendant urges people to avoid wearing two types of clothing on plane

ITV Emmerdale's Mimi Slinger dazzles as she poses on holiday with famous boyfriend

Levi Roots' net worth and Dragon's Den's most successful businesses

TUI's warning to passengers travelling abroad this week

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.