The Competition and Markets Authority (CMA) has identified and written to Monzo, a UK-based digital bank, regarding multiple breaches of the Retail Banking Order (Parts 3, 7, 8, and 12).

The breaches include publishing incorrect survey results, failing to disclose maximum unarranged overdraft information, omitting representative rates for small and medium enterprise lending products, and delayed reporting of non-compliance.

The letter highlighted that Monzo failed to report three breaches within the required 14-day period, taking five to nine months to notify the CMA of these non-compliance issues.

In response, the company notified that it will improve its compliance to align with the Order's requirements by March 2025. Certain actions taken by Monzo include reviewing and enhancing its change management processes, testing and approving its Financial Promotions and Change Management controls, and acquiring a software platform to ensure its internal policies, standards, and controls align with regulatory requirements.