The Competition and Markets Authority (CMA) has told Monzo Bank it must comply with banking rules after the firm failed to send more than 13,000 customers their transaction history when they left the company.
This breach of the Retail Banking Market Investigation Order, described as “just not good enough” by CMA Senior Director Adam Land, led the regulator to issue legally binding instructions to the bank to “ensure that this does not happen again and to review its procedures with an independent body.
Failure to comply will result in a court date.
Monzo says it has now introduced alerts to notify staff when transaction data is not being shared, is specifically monitoring such cases and is developing new procedures around the issue.
Land comments: “It is simply not enough for a large bank like Monzo to repeatedly fail its customers by failing to follow clear rules.
“Having a record of your financial transactions can be important evidence needed to secure a loan or mortgage – so Monzo’s inability to provide them is an unnecessary obstacle for thousands of customers.
“We have ordered the bank to make changes which means customers should not face this issue in the future. We will be monitoring to ensure the correct procedure is followed.
This is the second time the issue has occurred with Monzo, with the first affecting 143,437 former customers between March 1, 2020 and March 31, 2021.