Banks wrongly told some small and medium sized businesses they needed to open current accounts in order to secure a loan

Competition authorities have censured HSBC and First Trust banks for wrongly requiring small and medium-sized businesses (SMEs) to open a current account in order to secure loans. Regulators prohibited both banks, along with six other major UK lenders, from the practice, known as "bundling", in 2002. But the Competition and Markets Authority (CMA) said First Trust - the Northern Irish operation of Allied Irish Banks - and HSBC had "breached these undertakings". Alex Chisolm, CMA chief executive, called the breach a "serious matter" but added that all banks had "recognised the importance of complying with the undertakings". ....Read more here