The Competition and Markets Authority (CMA) has raised concerns about HSBC breaching Part 7 of the Retail Banking Order by incorrectly stating the Monthly Maximum Charge (MMC) on certain multi-function devices.

According to the regulations, customers should not be charged more in un-arranged overdraft fees than the specified MMC. However, between October 27, 2023, and February 28, 2024, 310 devices showed an incorrect MMC of £35 instead of the actual £20.