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