Letter to Lloyds Banking Group about its breach of the Retail Banking Market Investigation Order 2017.
One of the measures introduced in the Retail Banking Market Investigation Order 2017 requires all providers of unsecured loans to SMEs to publish contextual information about the loans on its website:
- the size and term of the loan associated with the Representative APR
- the rate of interest
- the nature and amount of any other charge included in the total charge for credit
- the total amount of credit
- the total amount repayable
Lloyds should have published this information on their Lloyds Bank website between June 2020 and March 2021.
Source: Competition and Markets Authority (CMA)