Lloyds Told To Stop Bundling Biz Accounts With Virus Loans
Law360, London (September 8, 2020, 12:02 PM BST) -- The antitrust regulator said Tuesday that it has prevented Lloyds Banking Group from forcing its business customers to open current accounts when they take out government-backed loans to support their operations during the coronavirus pandemic.
The Competition and Markets Authority said it found that the banking group, which includes Lloyds Bank and Bank of Scotland, breached requirements from May 8 that prevent so-called bundling. The practice restricts competition because it forces a small business customer to open a commercial current account with the same provider when applying for a loan at a bank.
The CMA found that Lloyds required around 30,000...
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