HSBC, Santander UK to refund customers for breaking CMA order

HSBC, Santander UK to refund customers for breaking CMA order
FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid -
Brendan McDermid(Reuters)
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(Reuters) – Britain’s competition watchdog said HSBC <HSBA.L> and Santander UK <SANS_pa.L> 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.

HSBC was found to have broken twice a part of the Competition and Market Authority’s (CMA) Retail Banking Market Investigation Order 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, it added.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Subhranshu Sahu)

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