Multinational banking group HSBC has received an official warning from UK’s Competition and Markets Authority (CMA) regarding failures in providing the correct information about the Open Banking processes.
According to the UK’s Competition and Markets Authority (CMA), the bank published multiple times wrong information about charges, rates, and fees, including details about loan eligibility across more than 50 instances.
The actions represent a direct breach of the PSD2 Open Banking regulatory framework, announced and introduced in 2018. This requires banks, especially high street ones, to share services, products, and solutions information correctly and accurately through the Open Banking APIs.
