Monzo Bank Ltd: Failures to adhere to Dispute Resolution Regulations (DISP)
Learn more about Monzo Bank Limited and their failures to adhere to basic regulations.
- ADVICIFAS
The Basics
One of the “leading” Neo-banks in the UK has failed to adhere to Dispute Resolution Regulations on a consistent basis.
What is Dispute Resolution (DISP)?
Dispute Resolution (DISP) consists of the regulated imposed and enforced by the Financial Conduct Authority (FCA) with relation to how financial institutions must investigate and response complaints. It consists of time limits, investigative regulation and guidance on reviewing customer complaints on a fair, equal and transparent basis.
How has Monzo Bank Ltd failed to adhere?
Some cases operated by ADVICIFAS and its specialists saw delays in responses from Monzo Bank Ltd for a full 13 months, meaning that Monzo Bank Ltd failed to respond to their 8 week response time limit by over 52 weeks, which is a full year.
In recent weeks, ADVICIFAS and its specialists has again saw Monzo Bank Ltd failing to meet their regulated time limits on complaints by 13 weeks.
What does this mean?
The sole meaning behind this is an insinuation of a dire failure in Monzo Bank Ltd’s operational infrastructure in complaint handling, and an inability to employ new staff to investigate such complaints, or to ensure regulatory compliance.
Is Monzo Bank Ltd facing financial difficulty?
Based on internal statistics and information shared publicly, Monzo Bank Ltd’s first fiscal year of pre-tax profit was in the year 2023-2024, whereby they reported making a loss each year prior, from 2017.
This would mean that unless Monzo Bank Ltd has an infinite method of making money, they will have a lot of money to make before breaking-even from all their previous years of losses, which could insinuate financial difficulty.
A Message from ADVICIFAS
We’ll continue to monitor this situation and ensure that not a single future complaint is left not responded to, and we are pursuing further action against Monzo Bank Ltd to conclude a response to cases left without a response.
If you’re a client with us and we are operating to remove a CIFAS Marker recorded by Monzo Bank Ltd and are worried that this may impact you or your case, get in touch with us. We’ll be able to give you clear picture of your case.
