AIB breached the Retail Banking Order in three ways. It breached Part 2 and Part 8 of the Order through failing to keep information on Annual Percentage Rates and Equivalent Annual Rates up to date for loans and overdrafts to businesses. It breached Article 56.2 by failing to notify the CMA of breaches within the 14 days required by the Order.

CMA Raises Concerns Over AIB's Breach of Retail Banking Order

The Competition and Markets Authority (CMA) has sent a letter to AIB highlighting breaches of the Retail Banking Order. AIB failed to comply with Part 2 and Part 8 of the Order by not keeping loan and overdraft information updated for businesses.

Additionally, AIB violated Article 56.2 of the Order by not promptly notifying the CMA of these breaches within the required 14-day timeframe. This failure to report breaches in a timely manner raises concerns about transparency and accountability.



CMA Raises Concerns Over AIB's Breach of Retail Banking Order

The Competition and Markets Authority (CMA) has addressed AIB's violations of the Retail Banking Order, citing failures in information provision and breach notifications.