The Competition and Markets Authority (CMA) has told Monzo Bank that it must comply with banking rules after the firm failed to send more than 13,000 customers their transaction history upon leaving the firm.

This breach of the retail banking market investigation order, branded “simply not good enough” by CMA senior director Adam Land, has led the regulator to issue legally binding directions to the bank to “make sure this doesn’t happen again and to review its procedures with an independent body.”

Failure to comply will lead to a court date.

Monzo says that it has now introduced alerts to warn staff when transaction data is not shared, that it is monitoring these cases specifically and is currently developing new procedures around this problem.

Land comments: “It’s simply not good enough for a major bank like Monzo to repeatedly fail its customers by not following clear rules.

“Having a record of your financial transactions can act as important evidence needed to secure a loan or mortgage – so Monzo’s failure to provide these put an unnecessary obstacle in the way of thousands of customers.

“We have ordered the bank to make changes which mean customers should not face this issue in the future. We’ll be watching to make sure proper procedure is followed.”

This is the second time the issue has occurred with Monzo, the first affecting 143,437 former customers between 1 March 2020 to 31 March 2021.