Tudor 's community profile page - Smart Money People

Write a review

Go to business site

Viewing profile for,

Tudor

Total reviews written

Helpful marks given to their reviews

Times reviews seen

All reviews (2)

Review of the Monzo, Investments:

View on product page

Monzo Must Learn from These Regulatory Gaps

I can confirm that my issue with Monzo’s Investment Pot feature has now been resolved — the feature is finally active again. However, this experience revealed deep systemic and regulatory shortcomings that should not be ignored by a bank that aspires to lead in innovation and customer trust. When I first applied for an Investment Pot, my application was declined with no clear explanation. After persistent enquiry, I discovered that the decision had been based on outdated personal data — information from around five years ago that Monzo had never re-verified or prompted me to update. My eligibility was therefore judged using inaccurate information. For weeks, the responses I received were circular and generic. Monzo representatives repeatedly cited “internal policy” and “risk management integrity” as reasons they could not explain the decision. This lack of transparency was both unhelpful and contrary to their obligations under several key regulations: 1. UK GDPR Article 5(1)(d) – Monzo failed to ensure that personal data used in financial decision-making was accurate and kept up to date. 2. UK GDPR Articles 15 & 16 – My right to access and rectify data was obstructed by the lack of a clear mechanism to update or verify information. 3. FCA Principle 6 – The bank did not treat me fairly when outdated data led to a financial restriction without clear support to correct it. 4. FCA Principle 7 and Consumer Duty (2023) – Communication was neither clear nor fair, particularly when I was told that Monzo “wasn’t allowed to share” the reasons for my ineligibility — a statement the company itself later admitted was misleading and unhelpful. Eventually, Monzo apologised for the lack of clarity, accepted that their earlier communication contradicted their transparency obligations, and reactivated the investment feature. I appreciate that outcome — but it required unreasonable persistence from my side, including citing the FCA and GDPR to get a resolution. What’s most concerning is how easily this situation could happen to others who might not know their data rights. The Monzo app still lacks a straightforward, transparent route to update essential information like income, citizenship, or residence. In a data-driven financial environment, this is not a minor oversight — it’s a compliance risk. I still believe Monzo is a visionary company with immense potential, but customer trust depends on more than technology — it depends on accuracy, fairness, and proactive transparency. I hope Monzo’s leadership uses this case as an opportunity to strengthen compliance with data protection and Consumer Duty standards. For now, I’ll consider my complaint closed. The feature works, but the process has exposed regulatory cracks that should never be left to the customer to discover. Reviewed on: 5th November 2025

Review of the Sainsburys Bank, Personal Loan:

View on product page

Everything is fine until the settlement

It's like talking to a wall. The system should be automatic. I asked if I should cancel the direct debit. They said there is no need. They will close my account. Today I paid an extra £250 that I need to recover. I will let it there, and wait and see how many months it takes them to return the £250. In a digital age, where things can be sorted automatically, they make it all more difficult. Easy to start a loan, hard to close one. I know some people might think I am fussy, but most companies don't know how to automatise the customer flow, they still rely on traditional ways. Shame, as everything went well until the end. Reviewed on: 2nd August 2022

We are helping 1000s to make smarter financial decisions

We use the power of consumer reviews to help increase trust and transparency in financial services and to deliver industry leading insight and events.