The Competition and Markets Authority has ordered digital bank Monzo to review the way it informs departing customers of their historic financial transactions.
Monzo was found to have breached the Retail Banking Market Investigation Order between May 2021 and March 2022 after the bank failed to send transaction histories to more than 13,000 customers, despite reporting a similar breach last year.
It now has to make sure that every customer receives copies of their transaction history when they close their account, which acts as important evidence if they choose to apply for a loan or mortgage elsewhere.
Adam Land, senior director at the CMA, said: “It’s simply not good enough for a major bank like Monzo to repeatedly fail its customers by not following clear rules.
“Having a record of your financial transactions can act as important evidence needed to secure a loan or mortgage – so Monzo’s failure to provide these put an unnecessary obstacle in the way of thousands of customers.
“We have ordered the bank to make changes which mean customers should not face this issue in the future. We’ll be watching to make sure proper procedure is followed.”
