CMA issues Directions to Monzo Bank about Transaction Histories
Directions issued by the CMA to Monzo Bank to ensure it complies with Part 5 of the Retail Banking Market Investigation Order 2017.
Documents
Details
Part 5 of the Retail Banking Order requires Personal Current Account (PCA) and Business Current Account (BCA) providers to provide a payment transaction history to account holders on account closure, free of charge. Monzo Bank failed to send payment transaction histories to a total of 13,566 account holders on account closure between 31 May 2021 and 11 March 2022. Monzo Bank has taken steps to end the breach.
The Competition and Markets Authority (CMA) previously issued a public letter to Monzo Bank in relation to a similar breach, and has now issued Directions to Monzo Bank, designed to ensure ongoing compliance with Part 5 of the Order.