HSBC censured for 'bundling' small business loans

According to the Telegraph, the Competition and Markets Authority (CMA) said both banks had breached orders to stop the practice known as 'bundling', which were applied to six other UK lenders by regulators in 2002.

Alex Chisolm, CMA chief executive, said: 'We have directed First Trust Bank and HSBC on the actions they must take to immediately correct the situation – so that it is clear to both their staff and their SME customers that obtaining a business loan is not dependent upon opening an account.'

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