Co-op Bank and NatWest reprimanded by CMA

Both have been pulled by the watchdog for breaching the Retail Banking Market Investigation Order, which requires surveys to be carried out of customers about the quality of service they received from their bank. The banks are then required to publish the most recent results in a number of places, including on posters in branches and on their website.

Known as service quality information (SQI) posters, NatWest were found to have failed to publish these results prominently in 24 of its NatWest branches and two of its Ulster Bank branches between 15 August 2022 and 12 January 2023, and in a further nine branches between 15 February 2023 and March/April 2023.

In response, the bank has introduced new communication emphasising the importance of the correct SQIs being displayed, as well as self-certification by branches that the posters are being displayed correctly in conjunction with the February and August dates.

Co-op Bank, meanwhile, got reprimanded for its failure to publish its up-to-date SQI on its website between 15 August and 3 October 2022, with consumers visiting its personal banking homepage or mobile app between these dates would have seen the SQI tables for the previous reporting period. The bank replaced the tables when it discovered the problem on 3 October.  

The bank did, however, fail to notify the CMA about the breach of the Retail Banking Market Investigation Order within the 14 days required under the order.

 
In response, Co-op Bank has updated the document it uses to plan its compliance with the SQI tables to include more information on “push publish”, as well as a peer check of the updated SQI tables ensure all changes have been implemented correctly.