CMA letter to Monzo about breaching Parts 3, 7, 8 and 12 of the Retail Banking Order

News Competition Sanctions & Fines

Date: 28th Nov, 2024 Source: Competition and Markets Authority Country: United Kingdom Original Source

Brief

"On 28/11/2024", the "Competition and Markets Authority" issued an update regarding "CMA letter to Monzo about breaching Parts 3, 7, 8 and 12 of the Retail Banking Order". The authority found that Monzo failed to comply with various regulations, including publishing inaccurate survey results, omitting unarranged overdraft charges, and failing to disclose representative rates for lending products. This non-compliance had significant consequences for customers, particularly small businesses.

This content is restricted.

Highlights content goes here...

This content is restricted.

Competition and Markets Authority

RADA.AI

Hello! I'm RADA.AI - Regulatory Analysis and Decision Assistance. Your Intelligent guide for compliance and decision-making. How can i assist you today?

Suggested

CMA letter to Monzo about breaching Parts 3, 7, 8 and 12 of the Retail Banking Order

Brief

Competition and Markets Authority

Form successfully submitted. One of our GRI rep will contact you shortly

Thanking You!

Enter your Email

Verify Email

Tell us more about yourself

Select your work area

Select your country

All set.

CMA letter to Monzo about breaching Parts 3, 7, 8 and 12 of the Retail Banking Order

Brief

Competition and Markets Authority

Form successfully submitted. One of our GRI rep will contact you shortly

Thanking You!

Enter your Email

Verify OTP

Enter your Email

Verify Email

Tell us more about yourself

Select your work area

Select your country

All set.