Customers get thousands in compensation as six high street banks break rules
SIX major high street banks have been slammed for breaking banking rules.
The banks which broke the rules include the Bank of Ireland, Barclays, HSBC, Lloyds Banking Group, Metro Bank and NatWest.
Among the breaches, Barclays didn't keep information on interest rates up to date for overdrafts on two of its webpages and Metro Bank was also found to have overcharged 92 customers for entering an unarranged overdraft.
Metro customers have been refunded for the error and none of the other five banks owe compensation.
Metro contacted the impacted customers last month and awarded just over £20,000 in compensation in total.
All six banks have confirmed they will make changes to the way they operate following the breaches.
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The rules they breached were imposed by the Competition and Markets Authority (CMA), a government body which promotes competition between businesses.
Under a 2017 order from the CMA banks and building societies must follow strict rules on informing customers about their services.
These include showing correct interest rates for current accounts and using accurate promotional materials online and within branches.
The specific breaches were:
However, you can only go to the FOS if you have already complained to the bank or building society, the bank or building society hasn't dealt with your complaint within eight weeks and you must complain to the FOS within six months of getting your bank or building society's final response.
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A final response is the bank or building society's last communicated response to you.
You can also use a claims management company, which charge a fee, to help you take your complaint to the FOS.