The CMA has written a letter to Santander following the bank’s failure to publish Northern Ireland Service Quality Indicators for Overall Service Quality for Business Current Accounts, as required by the Retail Banking Market Investigation Order 2017. Santander also failed to publish equivalent Service Quality Indicators for Great Britain during the same period, being 23 April 2021 to 11 May 2021.
The letter highlights the importance of compliance with the Order so that small businesses can make an informed decision when choosing a Business Current Account. The CMA also expresses its concern at this being the second time that Santander has breached the Order, the first breach having occurred in 2019.
The CMA does acknowledge the steps that Santander has taken to correct the breach and prevent reoccurrence, and states that it does not consider further enforcement action to be appropriate at this point in time. It will, however, closely monitor Santander’s future compliance with the Order.