Partially upheld: service quality - failure to provide full benefit of paid subscription service; account access delays complaint against Monzo Bank Limited

Decision detail

Summary

Mr S complained that Monzo failed to update his credit information from one credit reference agency through its paid Credit Insights feature for three months, and that Monzo delayed responding to his request to close a savings pot on a Saturday. The ombudsman found that while Monzo did fail to provide the full benefit of the subscription service, the impact was limited because Mr S could access the credit information directly from the CRA. The savings pot complaint was not upheld as Monzo responded within its stated four working day timeframe and the amount in the pot was only £0.01. The ombudsman ordered Monzo to pay £15 compensation representing five months of subscription fees.

The Ombudsman's reasoning

The ombudsman found that Monzo failed to provide the full benefit of the Credit Insights service that Mr S was paying for, as one CRA's information was not updated for three months. However, since Mr S could access this information directly from the CRA, the impact was limited to inconvenience rather than lack of knowledge about his credit record. The £15 compensation (five months of subscription fees) was deemed fair and reasonable. Regarding the savings pot, Monzo's response was within stated timeframes and the amount involved (£0.01) was negligible, so no material impact was caused.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website