Four UK banks provided incorrect information to public |
Four major UK banks, Lloyds, TSB, AIB, and HSBC, have failed to comply with banking rules, according to the Competition and Markets Authority (CMA). The banks provided incorrect information to customers about their products and services. HSBC listed closed branches as still being open. The CMA has issued directions to HSBC and public letters to HSBC, Lloyds TSB, and AIB. The banks are required to follow certain rules when informing customers, including displaying correct interest rates and accurate branch locations. The CMA has taken formal enforcement measures to ensure compliance and has issued refunds to customers. "It's disappointing that seven years on, we have to put in place formal enforcement measures to secure better compliance from a major bank like HSBC which, yet again, is in breach of the rules," said Dan Turnbull, CMA senior director.