Irish Bank AIB Warned Over Small Biz Rule Breaches
Law360, London (October 6, 2020, 11:24 AM BST) -- Britain's antitrust watchdog has warned a Northern Irish bank over its failure to comply with competition laws by forcing small and midsized business customers to open current accounts with the lender as a condition for applying for a loan.
The Competition and Markets Authority said Monday it has written to AIB NI setting out its breach of laws intended to prevent a practice known as bundling — when a bank makes customers open accounts with them before allowing them to apply for a loan.
The practice restricts competition because it forces a small business customer to open a commercial current account with...
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