FIN.

CMA writes to Danske Bank on bundling breach

Danske Bank required 305 of its SME customers to open a business current account in order to progress their application for a loan under the Bounce Back Loan Scheme. The CMA has now written to Danske Bank to explain that this practice breaches legal undertakings given by 8 large banks not to bundle in this way.

The letter also sets out the actions Danske Bank has taken to address the breach and concludes that no formal enforcement action will be taken by the CMA at this time.

Lucy Hadrill