Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Politics News

Monzo rebuked for breaching bank rules

by
July 27, 2022
in Politics News
0
Monzo rebuked for breaching bank rules
0
SHARES
15
VIEWS
Share on FacebookShare on Twitter

Monzo has been censured by the competition watchdog after the digital bank failed to provide thousands of customers who were closing accounts with copies of their transaction histories.

Banks are required to send this information as a matter of course, but Monzo omitted to do so for 13,566 account-holders between the end of May last year and the start of March.

Monzo broke the same rules between 2020 and 2021, when 143,437 customers were affected.

Adam Land, a senior director at the Competition & Markets Authority, 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.”

The watchdog does not have the power to impose a fine, but it can issue legally binding instructions to avoid a repeat. It has ordered Monzo to “take all steps within the bank’s competence reasonably necessary” to comply with the rules and to review its processes with an independent third-party auditor.

Monzo is one of a new breed of fast-growing digital lenders that are taking market share from Britain’s big high street banks. It was founded in 2015 and is led by Tummalapalli Sai Anil, 51, who became the bank’s chief executive two years ago.

Monzo revealed in its annual report last July that it was being investigated by the Financial Conduct Authority over potential breaches of anti-money laundering rules.

Monzo said: “Unfortunately, due to a processing error, some customers were not proactively issued with historic transaction data. However, this information was always available to these customers at their request.

“As soon as we were aware of this issue, we fixed it on the same day and contacted all impacted customers as soon as possible. We apologise for any inconvenience caused.”


ShareTweetPin

Related Posts

Usain Bolt moves to trademark signature victory pose
Politics News

Usain Bolt moves to trademark signature victory pose

August 23, 2022
London to get new airport as Manston is cleared for take-off
Politics News

London to get new airport as Manston is cleared for take-off

August 23, 2022
Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience
Politics News

Over 1,000 regional businesses are fending off cyber-attacks with police-led cyber resilience

August 23, 2022
British Airways to cancel further flights up to the end of October
Politics News

British Airways to cancel further flights up to the end of October

August 23, 2022
Microsoft in trademark row with UK children’s reading firm Word Windows
Politics News

Microsoft in trademark row with UK children’s reading firm Word Windows

August 23, 2022
Crypto fraud revenues drop 65% following market meltdown
Politics News

Crypto fraud revenues drop 65% following market meltdown

August 23, 2022
Next Post
UK railways disrupted again as workers take action over pay and conditions

UK railways disrupted again as workers take action over pay and conditions

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

May inflation quickens to 3.5-year high

June 7, 2022
Picture perfect? Brits prioritise a good snap over fun, relationships and their own safety

Picture perfect? Brits prioritise a good snap over fun, relationships and their own safety

August 18, 2022
Pay squeeze takes toll as mortgage approvals fall

Pay squeeze takes toll as mortgage approvals fall

June 1, 2022
5 Investments That Are Recession Proof

5 Investments That Are Recession Proof

July 31, 2022
Marcos’ planned new taxes may have limited impact

Marcos’ planned new taxes may have limited impact

July 11, 2022
Fuel marking program collections top P453 billion

Fuel marking program collections top P453 billion

June 20, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.