Some interesting points there. I don’t work for Monzo, but here’s my take.
There’s a difference between behaviour and policy. A policy is a statement of intent. Behaviour is what people do and how they go about their work.
Behaviour is, in my view, much more critical. Imbuing the right culture, values and behaviours in an organisation is super difficult - but something that Monzo has done in spades. It’s really quite exceptional.
This means that Monzo staff have a passion for the company and its values.
And those values drive ethical behaviour. And encourage a culture of situational awareness - of examining problems from first principles with regard to what’s happening in the world around them.
For the reasons that others have outlined, I think that ‘write once and publish’ strategies or policies are fundamentally flawed without this level of cultural support behind them. And as situations change, policies will too. Do you really think that publishing a policy today will bind future iterations of Monzo’s Board? Policies can be - and are - changed. With respect, you’re fooling yourself if you think that a simple document can determine future behaviour. Instead, it’s best for the leaders to try and ensure that what they’ve built has momentum, is part of an organisation’s DNA and can’t be easily unpicked. As I say, this is best done through values, behaviour and culture.
That’s not to say that Monzo shouldn’t make public its ethical stance (which they’ve tried to do at https://monzo.com/ethics). And I agree that as they become a more mature bank they might want to review what they include. But Monzo is, at the moment, a very simple bank. They hold deposits at the Bank of England and lend to customers. That’s it. Given they point that no bank can bind its future self with just policy document, I’m not sure what else you want?
Anyway, this is at danger of becoming an essay. But I hope it’s been helpful and dispels the myth that “An organisation without an ethical policy by definition has no ethics”