The Competition and Markets Authority has rapped Lloyds Banking Group for its treatment of small and medium-sized businesses trying to access emergency coronavirus loans.

Lloyds breached a promise to not bundle personal and business accounts when it asked 30,000 customers to apply for loans and open business accounts with the bank as a condition. SME customers, in particular, were required to open a Lloyds business current account as part of their application process for the government’s Bounce Back Loan Scheme.