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CMA writes to Monzo on RBO breach

The CMA has written to Monzo about its breach of the Retail Banking Market Investigation Order 2017. Monzo breached the Order when it failed to disclose its Monthly Maximum Charge in its Fee Information document between 25 October 2018 and 19 November 2021.

Monzo has taken various steps to end the breach and prevent a recurrence, including updating its Fee Information document to be compliant with the Order and strengthening its product governance to improve awareness of all regulatory obligations.

Given the measures Monzo has implemented, the CMA does not consider it appropriate to take further enforcement action in relation to this breach.

Lucy Hadrill