LONDON (dpa-AFX) - The U.K's Competition and Markets Authority or CMA asked Barclays (BARC.L, BCS) to improve its practices after the bank broke rules designed to protect small businesses.
The CMA said the move came after Barclays told the CMA that it had not complied with aspects of legal undertakings designed to make it easier for businesses to shop around and choose the best accounts for them.
Barclays will also pay over 2000 pounds in total compensation across affected Business Premium Account holders to reimburse them for payments they should not have had to make, the CMA said.
The CMA asked Barclays to appoint an independent body to audit Barclays' compliance with the Undertakings and provide the independent body's report to the CMA.
'Since first reporting the issue to the CMA, Barclays has taken steps to fix the problem, including allowing affected customers to transfer funds to and from other banks, and by changing their terms and conditions so that businesses who want to open Notice Deposit Accounts are no longer told they have to hold a Barclays current account,' CMA said.
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