Change of https://www.gov.uk/government/publications/small-and-medium-sized-enterprise-sme-banking-undertakings

Change description : 2025-08-14 09:09:00: Provisional decision published in the CMA’s review of the remaining provisions of the undertakings. [Guidance and regulation]

Showing diff : 2025-04-02 11:01:13.578644769 +00:00..2025-08-14 08:09:13.607571490 +00:00

Guidance

Small and medium-sized enterprise (SME) banking undertakings

The Undertakings limit the bundling of loans and deposit accounts with business current accounts for SME customers.

From:
Competition and Markets Authority
Published
18 July 2002
Last updated
214 AprilAugust 2025 — See all updates

Documents

SME 2002 undertakings (behavioural)

PDF, 164 KB, 22 pages

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(Released in 2016) SME banks transitional undertakings

PDF, 2.71 MB, 10 pages

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(Released in 2016) SME banking undertakings 2003 (switching)

PDF, 102 KB, 15 pages

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Details

Provisional decision to release remaining undertakings

213 AprilAugust 2025: The Competition and Markets Authority (CMA) ispublished the provisional decision in its review of the remaining provisions of the undertakings. We have provisionally decided that the undertakings are no longer appropriate and should be released. We are now consulting on our provisional decision and notice of intention to release.

2 April 2025: The CMA consulted on a review of those provisions within the SME Banking Behavioural Undertakings 2002 which remain in force.

Find out more about the consultation and how to respond

Undertakings released

9 August 2016: following a formal remedy review process,process, the CMA released the:

  • switching undertakings

  • transitional undertakings (including relevant clauses within the behavioural undertakings)

  • clauses within the behavioural undertakings that relate to portable credit history and transparency

The CMA decided to retain the bundling clauses in the behavioural undertakings (paragraphs 17 to 20), which prohibit the signatory banks from compelling a customer to open or maintain a business current account (BCA) alongside their loan or deposit account.

Description of the undertakings

These undertakings were given under the monopoly provisions of the Fair Trading Act 1973. They were signed by the UK’s leading banks and require them to:

  • ensure that small and medium-sized enterprises (SMEs) can open a deposit account without also needing to open a BCA

  • publish details of their tariffs

  • meet time targets for account switching services

A full set of documents that were published during this inquiry are available on The National Archives website.

Updates to this page

Published 18 July 2002
Last updated 214 AprilAugust 2025 + show all updates

  2. SME Banking Undertakings 2002 consultation launched.

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Update history

2025-08-14 09:09
Provisional decision published in the CMA’s review of the remaining provisions of the undertakings.

2025-04-02 12:01
SME Banking Undertakings 2002 consultation launched.