The UK Competition and Markets Authority (CMA) has sent a letter to Barclays Bank UK plc regarding breaches of Part 5 (Payment Transaction Histories) of the Retail Banking Market Investigation Order 2017.
Part 5 of the Order requires banks and building societies to send Payment Transaction Histories to any personal current account (PCA) or business current account (BCA) customer who closes their PCA or BCA.
Barclays failed to provide 1,648 Payment Transaction Histories to customers in June to August 2023. A further 659 Payment Transaction Histories were sent but were late.
Barclays has told the CMA that it has:
- Started to write to all former customers who should have received a payment Transaction History but did not with an explanation of how to access one.
- Implemented weekly check-in calls with Barclays’ technical team to ensure the process for batch scheduling Payment Transaction Histories is fulfilled and problems are identified and dealt with promptly. These will remain in place until the enhanced controls set out below are in place.
- Created an enhanced procedure for its monthly control report. This monitors account closures and ensures corresponding despatches are issued in accordance with regulatory requirements.
- Introduced a monthly forum to provide Senior Management with oversight of its action plan to prevent further breaches, the controls operated, and to check and challenge monthly performance.
- Started carrying out a detailed end-to-end review of associated processes and controls relating to delivering Payment Transaction Histories.
- Started reviewing potential optimisation of Barclays’ digital Payment Transaction History delivery route.
- Started reviewing and updating the support and resources provided to colleagues.
- Introduced enhanced controls. It has enhanced automated controls between critical systems where weaknesses were identified and has updated and improved operational documentation to better outline controls.
Given the action that has been, and is being, taken by Barclays, the CMA does not consider it appropriate to take further formal enforcement action in relation to these breaches at present. However, the CMA says it will consider such action in the event of any further breaches.
