CMA sends letter to TSB about breaches of the Retail Banking Order
Part 7 of the Order requires all providers of personal current accounts (PCAs) in the UK to set a Monthly Maximum Charge (MMC) in relation to unarranged overdraft charges.
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TSB breached Part 7 by:
failing to disclose the level of the MMC next to the relevant charges in Spend and Save Plus customers’ monthly statements
failing to disclose the level of the MMC within its mobile app journey for new to bank customers when mentioning overdraft charges
Article 56 of the Order states that if a bank is aware that it is not compliant with any part of the Order, it must report this non-compliance to the CMA within 14 days. TSB became aware of the breach related to the Spend and Save Plus customers’ monthly statements on 1 August 2023. However, it only reported this to the CMA on 1 September 2023.