Bank of Ireland tightens controls in UK after competition watchdog warning

Breached rules requiring it to send banking transaction histories to former account holders

Under Britain’s competition rules, lenders must send customers a transaction history within 40 days of a customer or small business closing their accounts, with at least 95% sent within 10 working days. File picture.

Bank of Ireland has said it has been working to improve its procedures in the UK after Britain’s competition watchdog warned it, and other banks, over regulation breaches.

The UK’s Competition and Markets Authority (CMA) warned Bank of Ireland, and British banks Monzo, NatWest, and Virgin Money over breaching rules requiring them to send banking transaction histories to former account holders.