UK competition regulator warns Lloyds, Barclays unit over inaccurate information

The U.K. competition regulator said Lloyds Banking Group PLC and Barclays Bank UK PLC, a unit of Barclays PLC, have breached open banking rules by failing to share accurate product and service information.

In open letters addressed to both British lenders, the Competition and Markets Authority, or CMA, noted that Lloyds breached the rules 10 times, while Barclays made the breaches 13 times. Some of the breaches listed in the letters included Barclays overstating the number of available ATMs and Lloyds publishing incorrect bank branch data and opening hours for some of its branches.

The regulator said inaccurate information can lead to consumers choosing financial products and services that do not suit their needs.

Lloyds notified the CMA of the breaches between June 8, 2021, and Oct. 13, 2021, while Barclays raised the issue to the regulator Sept. 22, 2021. The CMA opted against formal enforcement action against the banks as both have taken voluntary action to rectify the breaches.