Natwest and Co-op get slap on the wrist

CHARLIE CONCHIE

NATWEST and the Co-Operative Bank have been given a slap on the wrist by the competition watchdog after potentially misleading customers over the quality of service they were receiving.

In letters to the two banks yesterday, the Competition and Markets Authority (CMA) said Natwest and Co-Op Bank had both breached part three of the Retail Banking Order, which requires lenders to fully inform customers how their services and current accounts stack up against rivals.

Regulators ushered in the rules in 2017 in a bid to boost competition and standards in banking, with lenders required to prominently display posters in branch and publish notes on their websites.

However, both Natwest and Co-Op Bank have been found to have failed to properly do so, the CMA said. Both lenders had taken steps to remedy the issues and no formal action was required, the CMA added.

Natwest and Co-Op Bank were contacted for comment.