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(Alliance News) - The UK Competition & Markets Authority on Tuesday said it decided against imposing formal enforcement action on NatWest Group PLC, after it found the bank breached part of the UK retail banking order.
The competition watchdog said the Edinburgh-based lender self-reported that it breached parts 3 and 8 of the retail banking order.
Regarding part 3 of the order, the bank failed to publish service quality information posters prominently in 24 NatWest branches and 2 Ulster Bank branches between August 15, 2022 and January 12, 2023.
"Customers of NatWest who used branches affected by the breaches above may have not seen NatWest's position against its competitors in terms of quality of service," the CMA explained.
Regarding part 8 of the order, NatWest between November 1, 2022 and January 24, 2023 published the interest rate of 11.7% instead of the annual percentage rate of 12.35% on one webpage for each of the brands NatWest, Royal Bank of Scotland and Ulster Bank.
"As such, NatWest failed to keep the rates published on these pages accurate and up to date," CMA said.
The CMA said since the bank self-reported the breaches, it has, regarding part 3 of the order, among other measures, introduced new communications emphasising the importance of the correct service quality information being displayed, which will be used to local directors responsible for branches, and to branch staff.
Regarding part 8 of the order, NatWest has among other measures introduced an additional review by product controls of amendments to webpages, to be built into monthly control checks, and is extending refresher training sessions on the requirements of part 8 of the order to staff in its digital team.
CMA Director for Remedies, Business & Financial Analysis Colin Garland said: "Given the action that has been, and is being, taken by NatWest, the CMA does not consider it appropriate to take further formal enforcement action in relation to these breaches at present. However, the CMA will consider such action in the event of any further breaches. The CMA will monitor NatWest's future compliance closely."
NatWest shares fell 1.1% to 232.50 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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