Competition and Markets Authority (CMA)

25 results about this entity

Period: 28 Jul 2021 - 15 Aug 2024

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NatWest to refund £600,000 to business customers in CMA crackdown on 'bundling'

/regulation

NatWest to refund £600,000 to business customers in CMA crackdown on 'bundling'

NatWest is set to refund hundreds of business customers after it wrongfully forced them to open current accounts to secure a loan.

CMA orders Monzo to comply with transaction history rules

/regulation

CMA orders Monzo to comply with transaction history rules

Monzo has been ordered to comply with banking rules after failing to send thousands of customers their historic financial transactions when leaving the digital bank.

/regulation

CMA publishes findings of ‘Lessons Learned’ review into open banking

The Competition and Markets Authority (CMA) has today published the findings and recommendations of a review by Kirstin Baker, one of its independent non-executive Directors, to identify lessons from Open Banking for the CMA’s approach to designing, implementing and monitoring remedies in its market investigations.

NatWest pioneers UK’s first ‘non-sweeping’ VRPs

/payments

NatWest pioneers UK’s first ‘non-sweeping’ VRPs

Making Variable Recurring Payments (VRPs) available to businesses and consumers for ‘non-sweeping’ customer payments, NatWest has become the industry’s first firm to go beyond the requirement to offer VRPs for account sweeping.

/retail

UK’s digital watchdogs take a closer look at algorithms

Every day, we access services that process data using a wide variety of automated systems.

/regulation

CMA writes to HSBC about open banking API breaches

Letter to HSBC UK about 11 breaches of Part 2, 8 and 10 of the Retail Banking Market Investigation Order 2017.

/regulation

HSBC chided by CMA over breaching SME business lending rules

In 2002, HSBC Bank plc, among others, agreed that they would no longer (except for in specific circumstances) make a small and medium-sized enterprise (SME) customer open or maintain a business current account in order to get a business loan.

CMA unveils recommendations for future of Open Banking

/regulation

CMA unveils recommendations for future of Open Banking

The Competition and Markets Authority (CMA) has announced a new committee – the Joint Regulatory Oversight Committee (JROC) – to oversee the continued rollout of Open Banking in the UK, among other recommendations.

CMA writes to Barclays and Lloyds over open banking API breaches

/regulation

CMA writes to Barclays and Lloyds over open banking API breaches

The UK's Competition and Markets Authority has written to Barclays and Lloyds about a series of failures to make accurate and comprehensive data on its products and services available through open APIs.

CMA clarifies definition of VRPs for Sweeping

/regulation

CMA clarifies definition of VRPs for Sweeping

The UK's Competition and Markets Authority has move to clarify what Sweeping can and cannot be used for when it is introduced later this year.

CMA delays open banking 'sweeping' timetable

/regulation

CMA delays open banking 'sweeping' timetable

The UK's Competition and Markets Authority has agreed to push back the introduction of Variable Recurring Payments (VRPs) for sweeping services by six months after accepting that the country's big banks won't meet the target date of January.

OBIE chief resigns following bullying investigation

/people

OBIE chief resigns following bullying investigation

The chair of the UK's Open Banking Implementation Entity has quit after an independent investigation found that leadership failures at the OBIE "allowed a culture of bullying and intimidation".

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