The UK Competition and Markets Authority (CMA) has addressed concerns to Lloyds Banking Group regarding a significant breach of the Retail Banking Market Investigation Order 2017. This order mandates that banks and building societies must provide Payment Transaction Histories to personal current account customers who close their accounts, unless specific exemptions apply.

Between April 2018 and October 2024, Lloyds failed to send out approximately 360,000 letters to former account holders. These letters were crucial as they contained information on how to access their Payment Transaction Histories, which is a requirement under Part 5 of the Retail Banking Order.

The CMA's letter outlines the authority's concerns regarding this non-compliance and details the steps that Lloyds has taken to rectify the situation. The authority emphasizes the importance of adhering to the regulations set forth in the Retail Banking Order to ensure transparency and consumer rights in the banking sector.