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Banks warned about text alerts, as Nationwide makes refunds

Compliance Monitor

Banks warned about text alerts, as Nationwide makes refunds

Nationwide is in the process of refunding £900,000 to current account customers after it breached Part 6 of the Competition and Markets Authority’s Retail Banking Market Investigation Order. The CMA was unable to fine the building society as well but says that this is “exactly the sort of issue we would expect to fine companies for in future”. In February 2019, it requested these powers from the Government.

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