2023 audit report into whether 8 leading UK banks are complying with undertakings they gave not to bundle loans and accounts.
Documents
SME Banking behavioural undertakings 2002 - annual report on compliance – July 2022 to June 2023
Details
In 2002, a number of banks agreed that they would no longer (except for in specific circumstances) make a small and medium-sized enterprise (SME) customer open or maintain a business current account in order to get a business loan. This practice is commonly known as ‘bundling’ and was prevented by behavioural undertakings.