HSBC has come under fire for repeatedly failing to provide accurate fees and commissions.

The competition authority sued the main bank HSBC after admitting that it did not provide customers with accurate information about commissions, fees and rates.

The Competition and Markets Authority (CMA) reprimanded the lender for repeated shortcomings over a five-year period.

Under open banking agreements, banks must allow other financial service providers access to banking data, transactions and other financial records of creditors with the consent of the client.

HSBC’s failure to provide accurate information, and in some cases failure to provide it, exposes customers to the risk of making poor financial decisions, leaving them with an incorrect or incomplete understanding of the products.

HSBC self-reported the bugs last year after an internal review, and the bank said corrective action had already been taken.

The CMA said that after previous public banking data leaks, the most recent one was “particularly disappointing”, but that it would not take any formal enforcement action amid HSBC’s efforts to “fix things”.

The CMA made recommendations to HSBC “to prevent recurrence”, including improving processes for verifying information before it is released through open banking.

Dipesh Shah, director of appeals at the CMA, urged the bank to “make sure it is fully complying with the order.”

“The CMA has the power to issue orders to companies that do not follow their orders,” said Mr. Shah. “However, given the actions that have been and are being taken by HSBC, the CMA does not consider it appropriate to take any further action at this time. The CMA will closely monitor future compliance with HSBC requirements.”

Last year, regulators warned HSBC after it revealed it had not made public the maximum amount it could charge customers for in-store or online overdraft.

Since the launch of Open Banking in 2017, the UK’s largest banks have agreed to make their data more accessible in accessible formats. This move is intended to ensure greater competition in the business of private clients.

The CMA said last week that six of the UK’s largest banking groups – Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander – were independently assessed for open banking compliance.

“In a market where more than 80 percent of the current account market has been held by larger, established banks for years, open banking improves consumer financial decision making and lowers costs for SMBs, thereby fostering competition and innovation. KMA said.

“Open Banking now has over six million active users in the UK who will continue to benefit.”