High street lender HSBC has been given a warning by the competition watchdog after admitting providing incorrect information on fees, charges and rates under its open banking agreement.
The Competition and Markets Authority (CMA) dealt a rebuke to the banking giant after uncovering breaches of its responsibilities under open banking – which allows third-party financial service providers open access to consumer banking, transaction, and other financial data from lenders – on more than 50 different occasions over the past five years.
