November 29, 2019 / 8:19 AM / 2 months ago

HSBC, Santander UK to refund customers for breaking CMA order

Nov 29 (Reuters) - Britain’s competition watchdog said HSBC and Santander UK had agreed to refund customers after they broke a legal order that ensures customers receive text alerts before banks charge them for going into an unarranged overdraft.

HSBC was found to have broken twice a part of the Competition and Market Authority's (CMA) Retail Banking Market Investigation Order and is refunding 8 million pounds ($10.26 million) to 115,000 customers, the CMA said here on Friday.

Santander broke the order six times and has agreed to issue a refund but has yet to confirm the number of customers affected and how much it will refund, it added. ($1 = 0.7794 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Subhranshu Sahu)

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