FIN.

Another breach of the SME Banking Undertakings

The CMA has published details of another firm breaching the SME Banking Undertakings 2002.

Between December 2019 and August 2020, AIB NI had failed to inform staff that SME customers were not required to open or maintain business current account in order to access AIB’s loans or savings accounts.

Whilst the lack of directions did not lead to any product bundling (because of the other compliance procedures AIB NI had in place), the CMA still deemed the process a breach.

AIB NI has updated the relevant policy and no further action will be taken by the CMA.

Emma Radmore