Barclays has been censured by UK watchdog over its treatment of small businesses. Bank made smaller firms open account to access other products, reported Small Business Co.
About 800 affected Barclays small business clients shared the £2,000 compensation. The financial services group reported pre-tax profits of £1.5bn in the first quarter.
Britain’s competition watchdog the Competition and Markets Authority has told Barclays to improve the way it treats small businesses. The rules, which Barclays signed up to in 2002, prevent banks from insisting that businesses open or maintain current accounts before they can access other products.
“The bank’s actions led to unnecessary costs to some SMEs who were made to hold accounts they did not need,” the CMA said.
But it was Barclays itself that turned whistle blower, reporting its transgression to the CMA, and it has since moved to patch the problem, allowing affected customers to switch accounts.
Full Content: Small Business
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Turkey Fines Meta $10.4 Million for Abusing Market Dominance
May 6, 2024 by
CPI
Canadian Watchdog Launches Inquiry into Lululemon’s Greenwashing Practices
May 6, 2024 by
CPI
Massachusetts Supreme Court Deliberates Ballot Redefining Gig Worker Status
May 6, 2024 by
CPI
European Commission Approves Nippon Steel’s $14.9 Billion Buyout of U.S. Steel
May 6, 2024 by
CPI
Banco Sabadell Rejects Rival BBVA Merger Proposal
May 6, 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