Barclays warned by Competition and Markets Authority over small businesses

JAMES HURLEY | July 5, 2019

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The Competition and Markets Authority has censured Barclays after the bank admitted it had broken rules designed to make it easier for small and medium-sized companies to switch banks. The competition watchdog told Barclays that it must “improve its practices” after the bank said it had breached legally binding promises that it had made in 2002, which were designed to make it easier for business owners to shop around for banking services. These promises included a ban on banks obliging small companies to open or maintain current accounts before they are able to access other products such as loans.

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