Four major high street banks, including HSBC, Lloyds, TSB, and AIB, have been identified for breaching rules set by the Competition and Markets Authority (CMA) related to accurate information disclosure in the retail banking market.

The banks failed to provide correct data on their products and services, such as accurate interest rates for loans, branch locations, and ATM details, as required under the Retail Banking Market Investigation Order 2017.

Specific breaches included HSBC listing closed branches as open, inaccurate annual rates for loans, and providing incorrect information on unarranged overdraft charges. TSB and AIB also failed to disclose accurate overdraft charges, while Lloyds did not provide addresses for certain ATMs through Open Banking.

The CMA closely monitors compliance with the Order, with banks obligated to report any non-compliance incidents within 14 days. Lloyds, TSB, and AIB are taking corrective actions to prevent future breaches, while HSBC has been issued detailed directions by the CMA to ensure full compliance.

The CMA's enforcement measures aim to secure better compliance from banks to help customers manage their finances confidently, emphasizing the importance of accurate information disclosure in the banking sector.