Monzo has been ordered to adjust to banking guidelines after failing to ship 1000’s of shoppers their historic monetary transactions when leaving the digital financial institution.
Banks are required to supply this info as a result of it acts as vital proof if the client chooses to use for a mortgage or mortgage elsewhere, says the CMA.
Monzo instructed the CMA it had didn’t ship transaction histories to over 13,000 prospects, regardless of reporting an analogous breach final 12 months. On that event the CMA issued a warning after the financial institution failed to supply transaction histories to greater than 143,000 former account holders.
Monzo has since contacted all affected prospects to supply them a duplicate of their transaction historical past. It has additionally put in place measures – together with auto-alerts to warn employees when the system fails to problem transaction histories to prospects – designed to forestall future failures.
The CMA can not at the moment impose monetary penalties on companies for breaches of this type however has referred to as for the ability to take action.
Adam Land, senior director, CMA, says: “It’s merely not ok for a serious financial institution like Monzo to repeatedly fail its prospects by not following clear guidelines.”