CMA confirms amendment of Retail Banking Market Investigation Order 2017

Following the CMA’s consultation on amending the Retail Banking Market Investigation Order 2017, the CMA has confirmed the removal of the provisions in and related to Part 6 that are effectively duplicative of new FCA rules on overdraft notifications.

However, noting that a number of firms have already breached Part 6, notifying the CMA and thereby opening the door to enforcement action after the fact, the CMA has determined that it should retain the ability to take enforcement action in relation to future notified breaches of provisions prior to repeal.  Firms are thereby reminded that the obligation to report breaches does not pass with the repeal of relevant provisions.