Basic Search  |  Summaries  |  Advanced SearchPenalty: £2,200,000
Year: 2020
Date: 28 May, 2020
Offence Group: financial offences
Offence Type: banking violation
Violation Description: The CMA informed RBSG that it had breached the Retail Banking Market Investigation Order 2017 by failing to activate text alerts for unarranged overdrafts on certain accounts, and so failed to send approximately 36,000 alerts. RBSG committed to provide remediation to customers estimated at £2.2 million.
Action Type: agency action
Agency: Competition and Markets Authority
HQ Country of Parent: United Kingdom
Ownership Structure of Parent: publicly traded
Major Industry of Parent: financial services
Specific Industry of Parent: banking & securities
Source of Data: (click here)