Corporate report SME banking 2002 behavioural undertakings report on banks compliance audit 2024

Image for article Corporate report SME banking 2002 behavioural undertakings report on banks compliance audit 2024
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News Summary

  • In 2002, a number of banks agreed that they would no longer make a small and medium-sized enterprise (SME) customer open or maintain a business current account
  • This practice is commonly known as ‘bundling’ and was prevented by behavioural undertakings
  • In 2014, 8 banks agreed to submit annual audit reports of their systems and procedures to the Competition and Markets Authority (CMA) The CMA reviews these and reports on its findings each year in the reports on compliance above
In 2002, a number of banks agreed that they would no longer (except for in specific circumstances) make a small and mediumsized enterprise (SME) customer open or maintain a business current account [+1239 chars]

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