Monzo Authorised
Authorised UK bank. Monzo Bank Limited is authorised by the PRA and regulated by both the PRA and FCA (FRN 730427). FSCS-protected up to 120,000 pounds. Note: FCA enforcement in 2024 resulted in a 21M pound fine for AML control failings 2018-2020; this is enforcement on the regulated entity, not loss of banking authorisation. Verify on the live FCA / SRA register →
Last verified: 2026-05-22 · Report a correction
Is Monzo FCA-authorised? The short answer
Yes. Monzo Bank Limited is a fully authorised UK bank. It is authorised by the Prudential Regulation Authority (PRA) and regulated by both the PRA and the Financial Conduct Authority (FCA), under Firm Reference Number (FRN) 730427. That is the highest tier of UK financial authorisation — the same status held by the long-established high-street banks.
You can confirm this yourself in under a minute: search 730427, or “Monzo”, on the FCA Financial Services Register at register.fca.org.uk. The register is the single authoritative source — if a firm is not on it, it is not authorised, whatever its app or website claims.
What Monzo’s authorisation means for your money
Because Monzo holds a full UK banking licence, eligible deposits are protected by the Financial Services Compensation Scheme (FSCS). Since 1 December 2025 the FSCS protects up to £120,000 per person, per authorised firm (raised from the long-standing £85,000). If an authorised bank fails, the FSCS compensates eligible depositors up to that limit.
This is the practical difference between a licensed bank and an e-money firm. A licensed bank’s deposits are FSCS-protected; an e-money firm’s are not — e-money firms instead “safeguard” customer funds, a weaker protection. Monzo is a licensed bank, so the FSCS guarantee applies.
The real risk with Monzo: impersonation scams
Monzo being a genuine, regulated bank does not make every message claiming to be from Monzo safe. The actual danger is impersonation: criminals send fake “Monzo” texts and emails, make fake “Monzo fraud team” calls, and build lookalike login pages. The most damaging is the “safe account” scam — a caller posing as Monzo’s fraud team says your account is compromised and pressures you to move your money to a “safe account” they control.
Monzo will never call or text you to ask you to move money, share a one-time passcode, or read out your PIN. If in doubt, stop, and contact Monzo only through the in-app chat or the number on the back of your card. Our guide to fake Monzo texts covers the current patterns in detail.
Frequently asked questions
Is Monzo a real bank?
Yes. Monzo Bank Limited holds a full UK banking licence, authorised by the PRA and regulated by the FCA and PRA (FRN 730427). It is not an unlicensed app or an e-money firm.
Is my money safe in Monzo?
Eligible deposits are protected by the FSCS up to £120,000 per person (since 1 December 2025) — the same protection as any UK high-street bank.
How do I check Monzo is FCA-authorised myself?
Search “730427” or “Monzo” on the FCA Financial Services Register at register.fca.org.uk. If a firm is not listed there, it is not authorised.
Monzo was fined by the FCA — does that mean it is not safe?
No. The FCA fine was enforcement action against the bank for past financial-crime control failings; it did not remove Monzo’s banking licence. Monzo remains a fully authorised, FSCS-protected bank.
I got a text from “Monzo” — is it genuine?
Treat it with caution. Monzo never asks you to move money, share a passcode, or confirm card details by text. Check anything suspicious through the in-app chat, never via a link in the message.
Sources
- fca-firm-checker — Financial Conduct Authority (UK)
How to verify this firm independently
Don’t take any single source’s word for it. Before depositing money or sharing personal data, cross-check the firm’s regulatory status using public registers:
- FCA Financial Services Register — search by firm name or FRN at register.fca.org.uk.
- Companies House — look up the underlying company at find-and-update.company-information.service.gov.uk.
Red flags — even on authorised firms
- An unsolicited call, email or DM claiming to be from the firm’s “compliance” or “fraud” team.
- A domain that’s one letter off from the official one. Always type the brand name directly.
- A request to transfer money to a “holding account” or “verification wallet”.
- Pressure to act within hours.
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Disclaimer
This verdict is a curated reading of the sources cited above. The platform’s status can change. The “last verified” date shows when ScamSupport last reviewed this entry. To dispute this verdict, email corrections@signaltools.org.