Hi Jonathan, Thomas, Head of Risk at Monzo here…
I couldn’t agree more - our goal is to act for you and all our customers first, ensuring we give you the best banking experience possible…
Our regulator is mainly concerned with the stability of the Bank (i.e. do we have enough money) and whether we treat our customers fairly, so I actually don’t know if they are truly to blame. I think the real problem lies in the way regulations and laws are interpreted … this is what causes frustrating situations for customers as a result of poor or overzealous interpretation of rules or guidelines.
Here we’re trying very hard to avoid that situation at Monzo, so while we always want to be fully compliant with the rules and regulations, we equally will ensure that in doing so, we don’t impact the experience or interests of our customers, (that being said there are certain situations which require us to follow more strict rules that relate to Fraud, Financial Crime and Money Laundering rules – which I’m sure you’d want us to adhere to!)
Hope this makes sense and is helpful!
Thomas