Financial news
Written by: Zhai Ziqian
2019-11-29 17:51
Last updated: 2019-11-29 17:52The UK's Competition and Markets Authority (CMA) said that HSBC (0005) and Spanish bank Santander had agreed to refund their customers for violating a regulation.
The CMA stated that it found that HSBC and Santander's two and six violations of a statute, respectively, involved customers who took overdraft operations without arrangements and sent SMS reminders in advance before charging them. CMA stated that HSBC agreed to refund 8 million pounds (equivalent to HK $ 80.835 million) to 115,000 customers, while Santander did not confirm the affected customers and the amount of the refund.
The CMA also said that the two banks will be required to conduct independent checks on compliance with this requirement between February last year and December this year.
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