Part 3 of the Order requires surveys to be carried out of Personal Current Account (PCA) and Business Current Account customers about the quality of service received from their provider. On 2 occasions Monzo published incorrect / out of date survey results.



Part 7 of the Order requires providers to specify, for each PCA product they offer, the maximum unarranged overdraft that could accrue for that PCA product in any month. Providers must disclose this information each time information relating to unarranged overdraft charges is disclosed and no less prominently than the presentation of that information. On four occasions Monzo failed to publish the required information where it should have been published.



Part 8 of the Order requires providers to publish representative rates in either the Annual Percentage Rate or Equivalent Annual Rate for lending products for small and medium-sized enterprises. It also requires that additional contextual information is published to explain the rates. Monzo failed to publish this information for one loan on its business banking website and in one marketing document for a financial promotion. Additionally, the additional contextual information required by the Order was not published on Monzo’s website.



Article 56.2 in Part 12 of the Order requires providers to notify the CMA of any non-compliance with the Order within 14 days of becoming aware that it is not compliant. Monzo failed to notify the CMA of three of the breaches set out above within 14 days of becoming aware that it was not compliant, instead taking 5, 6 and 9 months respectively.

CMA Raises Concerns Over Monzo's Breach of Retail Banking Order

The UK's CMA has notified Monzo of several breaches of the Retail Banking Order, including inaccurately publishing survey results related to customer service quality for Personal and Business Current Account customers.

Monzo also failed to disclose the maximum unarranged overdraft charges for PCA products as required by the Order, on four occasions. Additionally, the bank did not publish representative rates with necessary contextual information for lending products for small and medium-sized enterprises.

Furthermore, Monzo did not comply with the requirement to notify the CMA of non-compliance within 14 days of becoming aware of the breaches, taking 5, 6, and 9 months to report three separate instances.



CMA Raises Concerns Over Monzo's Breach of Retail Banking Order

The UK's Competition and Markets Authority (CMA) has issued a warning to Monzo for multiple breaches of the Retail Banking Order, including inaccurate survey results and failure to disclose required information.