The CMA has issued directions to NatWest following the bank’s breach of undertakings which prohibited it from requiring SME customers which held certain bank loans to also hold business current accounts (BCAs). NatWest reported the breach, which involved the bundling of 956 BCAs with loans, to the CMA in January 2021.
The CMA is now directing NatWest to:
- appoint an independent body to conduct compliance audits; and
- implement enhanced controls and staff training measures.
NatWest has also put in place arrangements to refund 702 of the affected SME customers who incurred fees, which may amount to £600,000 in refunded payments.