HSBC Broke Open Banking Rules With New Product Launch

By Dawood Fakhir (April 29, 2022, 3:58 PM BST) -- HSBC broke open banking rules by giving inaccurate information to other regulated companies and comparison tools that could have helped customers choose suitable services, Britain's competition watchdog has said, although it did not formally penalize the banking giant.

The Competition and Markets Authority said on Thursday that it did not think "further formal action" was necessary. HSBC had voluntarily taken "comprehensive" steps to deal with the problems that have arisen because of its breaches of the rules.

HSBC told the watchdog in January that it had breached rules designed to make it easier for customers to compare retail banking offerings almost...

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