UK Competition Authority Consults on Intention to Vary Retail Banking Market Investigation Order
09/12/2019The U.K. Competition and Markets Authority has formally announced its provisional decision to vary the Retail Banking Market Investigation Order 2017 by removing Part 6 of the Order, which governs automatic enrollment in personal current account alerts. The CMA has published a draft of its proposed Variation Order together with its provisional decision and is seeking comments on both, which should be submitted by October 15, 2019.
The provisional decision follows the CMA’s review of Part 6 of the Order earlier this year. Part 6 requires providers of personal current account services to establish a system of alerts to their customers notifying them of specified information, including that their account has exceeded a pre-agreed limit. In its provisional decision, the CMA concludes that Part 6 of the Order is duplicative of the U.K. Financial Conduct Authority’s rules on consumer overdraft alerts, which will be brought into force on December 18, 2019 via the Personal Current Accounts and Overdrafts (Information and Tools for Customers) Instrument 2018. The CMA therefore proposes deletion of Part 6 together with relevant compliance and reporting obligations in other parts of the Order.
View the CMA's provisional decision.
View the CMA's Notice of Intention to vary the Retail Banking Market Investigation Order 2017.
View the CMA's Variation Order.
View details of the CMA's Review of the Retail Banking Market Investigation Order.
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