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Share Price Information for HSBC Holdings (HSBA)
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Share Price:
720.80
Bid:
722.20
Ask:
722.40
Change:
8.20 (1.15%)
Spread:
0.20 (0.028%)
Open:
722.30
High:
724.40
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Prev. Close:
712.60
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Don't have an account? Click here to register.HSBC and First Trust Bank broke small business banking rules, say watchdogs
Wed, 22nd Oct 2014 10:14
Competition regulators have ordered HSBC and Northern Ireland's First Trust Bank (FTB) to take action after they were found to have broken small business banking rules.The Competition & Markets Authority (CMA) said the two banks had breached legally-binding undertakings banning banks from forcing small firms to open a business current account with them as a condition of obtaining a loan - a practice known as 'bundling'.The regulations were imposed on eight major banks in the UK following a Competition Commission investigation in 2002.The CMA said the rules safeguard customer choice and help providers to compete effectively in small business banking.During its recent market study of small business banking, the CMA's predecessor the Office of Fair Trading (OFT) became aware of potential breaches of the rules and the eight banks subsequently audited their adherence to the regulations.The CMA said it had now concluded that FTB and HSBC had broken the rules by indicating to some small businesses that opening an account with them was a condition for obtaining a business loan.The CMA said it had issued detailed directions to FTB and HSBC to ensure they and their staff comply with the undertakings.It said the audits also showed that at two other banks there was relatively low awareness among relevant staff of the undertakings, so it has asked all eight banks to do another audit and report to the CMA again by July next year.CMA chief executive Alex Chisholm said: "Breach of these undertakings is a serious matter and we have directed FTB and HSBC on the actions they must take to immediately correct the situation."FTB said in a statement: "First Trust Bank takes all of its regulatory obligations very seriously, including the limitation on bundling provisions as detailed in the SME behavioural undertakings ('the Undertakings')."We have written to all 11 customers identified in the CMA report to advise that they are under no obligation to operate or hold their Business Current Account with us."We have also implemented a number of changes to our policies and procedures to ensure full compliance with these undertakings in the future."HSBC said: "HSBC takes its responsibility to UK business seriously and we regret that the bank has not been fully compliant with 'bundling' undertakings. Since the issue was discovered, we have been working with the CMA to implement a plan ensuring full compliance with the requirements, and will be regularly reporting back to the CMA."As part of our audit review, where we find a customer has received the wrong information, we will take action to ensure they have the right information going forward."
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