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Landsbankinn concludes settlement with the Icelandic Competition Authority and takes action to stimulate competition

First among the Icelandic banks, Landsbankinn has concluded a settlement with the Icelandic Competition Authority under which the Bank will take action to stimulate competition in general commercial banking services to individuals and small companies. The aim of the settlement is to reduce switching fees in financial services, promote competition control by customers and counteract situations that might allow for silent conformity in the commercial banking market.

Landsbankinn has collaborated effectively with the Competition Authority in analysing the legal and competitive operating environment of commercial banking and to create an action plan designed to stimulate competition. The actions the Bank will undertake are a result of this collaboration. The Bank is of the opinion that these actions will strengthen customers' position and rights, increase transparency and boost further technological advances in commercial banking. The collaboration has involved implementation of the actions detailed in the settlement and many have already been put into practice.

Actions that Landsbankinn will undertake:

  • Prepayment charges will not be levied on prepayment of any new or outstanding floating rate loans to individuals and smaller companies.
  • Fees charged on transferring restricted personal pension savings from the Bank will not exceed a set limit.
  • Taking over housing loans will not be conditional upon the buyer transferring other banking business to Landsbankinn.
  • It will be made easier for customers to transfer their business between banks. The choice, development and implementation of systems and technological solutions will support this aim and customer surveys utilised to identify problematic areas, to which the Bank will attend.
  • Customers will be notified specifically about significant amendments to interest rates and tariffs before the changes are implemented to allow customers leeway to transfer their business, should they so choose.
  • An application programming interface will be introduced to allow third parties to set up comparative websites that could promote more effective competition control by customers.
  • Certain provisions of housing loans that have a tying effect will not be activated.

Announcement about the settlement on the website of the Icelandic Competition Authority (In Icelandic)

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