HSBC, Lloyds, TSB and Allied Irish Bank (AIB) have breached the Competition and Markets Authority’s (CMA) rules after failing to disclose accurate information to their customers.

The watchdog said that the banks had breached the Retail Banking Market Investigation Order 2017, which the CMA put in place after it found competition concerns in the retail banking market.

The order sets out rules for banks and building societies to follow when informing customers about their products and services. This includes showing the correct interest rate for loans and displaying the right locations for bank branches and ATMs.

Additionally, the order put in place Open Banking, which set standards for transparent and secure data sharing for retail banking services in the UK.

The CMA said HSBC had failed to keep information about its branches accurate as 167 closed branches were listed as still being open. The bank also failed to keep some of its annual rates for business loans and overdrafts accurate and up to date on its website.

HSBC also told some customers the incorrect maximum amount they would be charged for going into unarranged overdraft on their current accounts.

TSB failed to disclose the maximum amount customers would be charged for going into an unarranged overdraft on their personal current accounts, while Lloyds failed to make available the addresses of 363 ATMS through Open Banking.

AIB failed to make available the correct annual rates for some loans and overdrafts through Open Banking and on its own website.

The CMA said that Lloyds, TSB and AIB have confirmed they are making changes to their operations to prevent further breaches such as enhancing their internal procedures.

The watchdog said that HSBC has breached the order “more extensively” and has received detailed directions from the CMA which include an action plan to ensure full compliance in the future.

FStech has reached out to Lloyds, TSB, HSBC and AIB for comment.

“It’s disappointing that seven years on, we have to put in place formal enforcement measures to secure better compliance from a major bank like HSBC which, yet again, is in breach of the rules,” said Dan Turnbull, senior director at the CMA. “People deserve banks they can trust to serve them well.”

Turnball added: “Having correct information is essential when making important decisions about our finances. Banks handling our hard-earned money should have adequate processes in place to ensure this happens.”

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