Six high street banks broke strict competition rules and 'let customers down'

Six high street banks have broken strict banking rules, including overcharging for overdrafts and failing to provide up-to-date information on interest rates. The banks found to have broken the rules are Bank of Ireland, Barclays, HSBC, Lloyds Banking Group, Metro Bank and NatWest.

Ninety-two Metro Bank customers have been refunded after being overcharged for their overdraft. The banks have been told to make changes to prevent further breaches of rules imposed by the Competition and Marketing Authority under the Retail Banking Market Investigation Order 2017.

Under the Order, banks and building societies are required to follow strict rules when it comes to informing customers of their services – from showing correct interest rates for current accounts, using accurate promotional materials online and within branches, to accurately displaying the right locations and opening times.