Part 5 of the Retail Banking Market Investigation Order 2017 requires banks and building societies to send Payment Transaction Histories to any personal current account customer who closes their account (unless an exemption applies).



Lloyds Banking Group failed to provide around 360,000 former account holders with letters which explained how to access their Payment Transaction Histories. This failure lasted from April 2018 to October 2024.



This letter sets out our concerns and what Lloyds did to put things right.

CMA Raises Concerns Over Lloyds' Breach of Banking Regulations

The UK Competition and Markets Authority (CMA) has addressed Lloyds Banking Group concerning a significant breach of the Retail Banking Market Investigation Order 2017. Specifically, the authority highlighted that Lloyds failed to send Payment Transaction Histories to approximately 360,000 former personal current account customers who closed their accounts.

 This non-compliance persisted from April 2018 until October 2024, violating Part 5 of the Retail Banking Order, which mandates banks and building societies to provide these transaction histories unless specific exemptions apply.

 The CMA's letter outlines its concerns regarding this oversight and details the corrective actions taken by Lloyds to rectify the situation. The authority emphasizes the importance of adhering to regulatory requirements to ensure transparency and consumer rights in the banking sector.



CMA Raises Concerns Over Lloyds' Breach of Banking Regulations

The UK competition authority has issued a letter to Lloyds Banking Group regarding its failure to comply with regulations requiring the provision of Payment Transaction Histories to former account holders.