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CMA to take no action against Lloyds for Retail Banking Order breach

CMA has confirmed it will not be taking any further action against Lloyds Bank following the bank’s failure to display required information in relation to SME loans on one page of its website, which potentially affected 503 SME customers. Lloyds notified CMA of the breach itself, and CMA noted the information was available on all other pages and that the customer would had seen it before committing to a loan. Given the bank’s actions in putting things right, putting in place new systems and controls and training and reviewing its compliance framework, CMA does not think formal further enforcement action is merited.

Emma Radmore