Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile4 entries
2025
Financial Conduct Authority fine
The FCA fined Monzo £21 million for inadequate financial-crime controls, including weaknesses that allowed obviously implausible UK addresses to be used during account applications.
2022
CMA says Monzo breached overdraft fee disclosure rules
Ruling
The Competition and Markets Authority said Monzo breached competition rules by failing to specify the maximum monthly charge for customers exceeding agreed overdrafts in the correct document. The breach occurred between October 2018 and November 2021; the CMA stopped short of further formal enforcement after Monzo updated its charges document in November.
Company response
Remediation — Monzo
Monzo said: ‘This is a legacy issue we addressed last year. We have taken steps to make sure it does not happen again.’
Source excerpt
The CMA said the breach between October 2018 and November 2021 meant customers were not aware of potential monthly fees, which could hit £15.50.
But the watchdog stopped short of further formal enforcement action after Monzo updated its charges document in November.
Monzo has breached competition rules by failing to properly disclose the maximum fee on its personal current account.
2019
Customer PIN exposure
A technical flaw caused approximately 480,000 customer PINs to be accessible to internal engineers through a request-handling process. The incident raised concerns about software controls and sensitive-data handling.
2019
Complaints over frozen and closed accounts
Customers featured in a BBC Watchdog investigation said that account restrictions or closures left them unable to access money for extended periods. Monzo stated that it closed accounts where it suspected financial crime.