Britain’s competition watchdog has issued a warning to banks including Monzo and NatWest over breaching rules requiring them to send banking transaction histories to former account holders.
Nearly 150,000 customers were not provided with the necessary information quickly enough, the Competition and Markets Authority (CMA) said today.
Monzo was responsible for the largest portion of the breach, accounting for more than 143,000 former customers, while Virgin Money and Bank of Ireland were also issued warnings.
Under the rules, lenders must send customers a transaction history within 40 days of a small business or customer closing their accounts.
At least 95 per cent of the information must be sent within 10 working days.
“Since we identified the issue and reported it to the CMA in February 2021, we’ve fixed the problem and are telling affected customers that we can send them their transaction history if they’d like,” a Monzo spokesperson said.
“This was an admin error, and we’ve also said sorry to the customers involved. Up until now, we’ve sent a full transaction history to any customer who has asked for it directly.”
The CMA said the four banks were now distributing the required information and it would take further action if the failures were repeated.