Part 2 of the Order requires the nine largest banks in Great Britain and Northern Ireland to ensure accurate, comprehensive and up to date Read-only product and reference information is continuously available through the UK’s Open Banking system. Santander failed to 1) keep some information published through Open Banking up to date and 2) to publish some information at all. One hundred and six data fields either contained out of date information or had information missing. The longest failure was around seven years.

CMA Investigates Santander for Breaching Retail Banking Order

The Competition and Markets Authority (CMA) has sent a letter to Santander, one of the nine largest banks in Great Britain and Northern Ireland, regarding potential breaches of Part 2 of the Retail Banking Order. This part mandates banks to ensure accurate, comprehensive, and continuously available Read-only product and reference information through the UK's Open Banking system.

 Santander allegedly failed to keep some information updated and omitted to publish certain information altogether through Open Banking. The CMA identified 106 data fields with either outdated or missing information, with the most extended lapse in updating information spanning around seven years.



CMA Investigates Santander for Breaching Retail Banking Order

The UK's competition watchdog, CMA, has raised concerns over Santander's failure to provide accurate and up-to-date information through the Open Banking system, breaching regulatory requirements.