Monzo Banking Rule Failures 'Not Good Enough,' CMA says

By Joel Poultney (July 26, 2022, 4:48 PM BST) -- The U.K.'s competition watchdog on Tuesday said Monzo Bank Ltd.'s failure to inform 13,000 departing customers of their transaction history was "simply not good enough" and ordered the bank to review the way it provides historical financial records.

The Competition and Markets Authority said the challenger bank breached retail banking rules that ensure customers receive copies of their transaction history when they close an account. The breach of the Retail Banking Market Investigation Order 2017 occurred between May 2021 and March 2022, according to the CMA.

Monzo self-reported its failed disclosures to the watchdog but was still issued with legally binding...

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