The CMA has found Monzo in breach of several parts of the RBO. Specifically, the bank did not:
- accurately publish the results of the required service quality surveys;
- publish information on the “monthly maximum charge”;
- properly disclose information on relevant charges;
- disclose the MMC in the right place
The bank has taken action to improve its compliance regime generally as a result of the breaches and has taken specific action to introduce checks into the parts of its procedures that failed. As a result, the CMA will not take any further action.