HSBC has admitted providing incorrect information on fees, charges and rates under its open banking agreement.
The high street lender has been given a warning by a competition watchdog 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.
Its failure to report accurate information - and in some cases not providing the required information - risked leading customers to make the wrong decisions by leaving them potentially with an incorrect or incomplete understanding of products.
