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UK: HSBC, Santander UK to refund customers for breaking watchdog order

By  |  December 1, 2019

Britain’s competition watchdog said HSBC and Santander UK had agreed to refund customers after they broke a legal order that ensures customers receive text alerts before banks charge them for going into an unarranged overdraft. 

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    HSBC was found to have broken a part of the Competition and Market Authority’s (CMA) Retail Banking Market Investigation Order twice and is refunding 8 million pounds ($10.26 million) to 115,000 customers, the CMA said on Friday.

    Santander broke the order six times and has agreed to issue a refund, but has yet to confirm the number of customers affected and how much it will refund, the watchdog added.

    Full Content: BBC

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