HSBC has been hit with a warning letter by the Competition & Markets Authority (CMA) for violating Open Banking rules.

The CMA says that the bank breached Article 12 of Part 2 of the Retail Banking Market Investigation Order 2017 by publishing inaccurate information, or not publishing required information, through its Open Data APIs on more than 50 occasions.

Part 2 of the order states that the nine largest banks in Great Britain and Northern Ireland must ensure accurate, comprehensive, and up to date read-only product and reference information is continuously available through Open Banking APIs.

The CMA said: “Each of these breaches was a breach of either Article 12.3 of the order, which requires information made available through Open Banking to be as accurate and up to date as reasonably practicable, or Article 12.1.2, for those instances where the information that should have been released was not in fact released at all.”

The regulator says that the breach could result in consumers taking decisions that they would not have taken if they had access to the correct information.

The order breaches were self-reported by HSBC, which the CMA lauded the bank for. The authority closed out its letter by saying it will “monitor HSBC’s future compliance closely”.

Last year HSBC, along with five other banks, was called out by the CMA for a similar rules breach in which HSBC failed to publish information about the maximum amount it can charge customers for overdrafts in all the places it should have done.

FSTech has reached out to HSBC for comment.

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