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.
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.
Read more: UK’s CMA Says HSBC Breached Rules For Over 9 Years
HSBC self-reported the breaches in June last year and has since taken action to address them.
The CMA said it follows previous open banking data breaches by the bank.
In a letter to HSBC’s retail banking arm, the regulator said: “This context makes the breaches … especially disappointing.”
It said it would not be taking official enforcement action given HSBC’s moves to “put things right”, but stressed it will monitor HSBC’s compliance “closely”.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI