Virgin Money UK (VMUK)

Sector:

Banking

Index:

FTSE 250

214.10p
   
  • Change Today:
      0.50p
  • 52 Week High: 214.70
  • 52 Week Low: 140.95
  • Currency: UK Pounds
  • Shares Issued: 1,296.47m
  • Volume: 1,352,051
  • Market Cap: £2,775.75m
  • RiskGrade: 273

Banks warned over failure to provide statements to former customers

By Abigail Townsend

Date: Tuesday 22 Jun 2021

LONDON (ShareCast) - (Sharecast News) - Monzo has received a formal warning from the Competition and Markets Authority after the online lender breached banking rules.
The regulator said Monzo had failed to promptly send out banking transaction histories to customers. Under the Retail Banking Market Investigation Order 2017, banks are required to send customers the history of their current account banking activity within 40 days of closing their accounts.

The CMA said the challenger bank had failed to do so for 143,437 former account holders. It has also written to Bank of Ireland, NatWest Group and Virgin Money over similar transaction history breaches.

Adam Land, senior director of remedies business and financial analysis at the CMA, said: "Nearly 150,000 people were affected by these banks' breaches, with the majority being former Monzo customers. This may have made things harder for people trying to borrow money, or apply for a mortgage.

"Banks must comply with all the rules. That includes providing a full transaction history promptly.

"We will be watching closely to make sure these leading names stick to their word and don't let their customers down again."

All four banks are now sending out the relevant information to affected customers, the CMA said. However, if they breach rules again, the CMA could take further action by issuing legally binding directions, including insisting on training or carrying out annual compliance audits. It cannot, however, impose financial penalties.

A total of 1,066 former customers were affected at Bank of Ireland, 903 at NatWest and 220 at Virgin Money.

A Monzo spokesperson said: "Since we identified the issue and reported it to the CMA in February, we've fixed the problem and are telling affected customers we can send them their transaction history if they'd like. This was an admin error, and we've said sorry to the customers involved."

A Bank of Ireland spokesperson said: "We have provided the former customers affected with their transactions histories and have apologised. We have also implemented a range of procedures and controls to help ensure this issue doesn't reoccur."

A Virgin Money spokesperson said: "We have contacted the 220 customers affected to say sorry and offer to provide their transaction history if they would like it."

A NatWest spokesman said: "We're writing to those customers affected to apologise and providing them their transaction history too."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Virgin Money UK Market Data

Currency UK Pounds
Share Price 214.10p
Change Today 0.50p
% Change 0.23 %
52 Week High 214.70
52 Week Low 140.95
Volume 1,352,051
Shares Issued 1,296.47m
Market Cap £2,775.75m
RiskGrade 273

Virgin Money UK Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
98.01% above the market average98.01% above the market average98.01% above the market average98.01% above the market average98.01% above the market average
37.5% below the sector average37.5% below the sector average37.5% below the sector average37.5% below the sector average37.5% below the sector average
Price Trend
89.49% above the market average89.49% above the market average89.49% above the market average89.49% above the market average89.49% above the market average
64.71% above the sector average64.71% above the sector average64.71% above the sector average64.71% above the sector average64.71% above the sector average
Income
36.11% above the market average36.11% above the market average36.11% above the market average36.11% above the market average36.11% above the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Growth
69.36% below the market average69.36% below the market average69.36% below the market average69.36% below the market average69.36% below the market average
76.47% below the sector average76.47% below the sector average76.47% below the sector average76.47% below the sector average76.47% below the sector average

What The Brokers Say

Strong Buy 2
Buy 2
Neutral 9
Sell 1
Strong Sell 0
Total 14
neutral
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Virgin Money UK Dividends

  Latest Previous
  Final Interim
Ex-Div 22-Feb-24 18-May-23
Paid 20-Mar-24 21-Jun-23
Amount 2.00p 3.30p

Trades for 28-Mar-2024

Time Volume / Share Price
14:01 4 @ 214.00p
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13:59 2,661 @ 214.10p
13:59 12,172 @ 214.10p
13:49 1,981 @ 214.00p

Virgin Money UK Key Personnel

Chair David J Bennett

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