UK fines TSB Bank nearly £50 million for IT fail / Photo: CARL COURT - AFP
-
Teatro Mayor Unveils 152-Performance 2027 Season Highlighting Beethoven and García Márquez
-
The Dilemma of Recording Live Music: Preserving Memories vs. Being Present
-
Rutgers Defeats NJIT 101-64 Behind Francis and Mark Scores
-
Fulcrum Metals PLC Announces Publication of Updated Investor Presentation
-
Guardian Metal Resources PLC Announces Proposed Spin-Out of Non-Tungsten Projects
-
InterContinental Hotels Group PLC Announces Transaction in Own Shares - November 11
-
Fulcrum Metals PLC Announces New Critical Mineral Recoveries Expand Potential
-
6 Pieces of Furniture Worth Investing In
-
Thukukile Zuma Resigns from ANC Johannesburg Leadership Amid Disciplinary Dispute
-
Russia Orders 100,000 Kometa Modules to Counter Ukrainian Electronic Warfare
-
CM Mohan Yadav Meets Bohra Spiritual Leader to Discuss Simhastha 2028 and Development
-
Mahayuti-backed Rajesh Patil Elected Chairman of Gokul Dairy Amidst Political Deadlock
-
Eli Crane Defeats Jonathan Nez in Tight Arizona Congressional Race
-
David Walliams Identified as Celebrity in Sexual Misconduct Allegations After Legal Bid
UK fines TSB Bank nearly £50 million for IT fail
British regulators on Tuesday said they had fined TSB Bank £48.7 million ($59 million) over an IT upgrade that left customers unable to access services.
The fine adds to £32.7 million paid by the British lender to compensate customers for fallout from its migration to a new system in 2018, the Financial Conduct Authority (FCA) said in a statement.
A "significant proportion" of the bank's 5.2 million customers were affected by the switchover that took months to resolve, it added.
"The failings in this case were widespread and serious which had a real impact on the day-to-day lives of a significant proportion of TSB's customers, including those who were vulnerable," said Mark Steward, FCA executive director of enforcement and market oversight.
"The firm failed to plan for the IT migration properly, the governance of the project was insufficiently robust and the firm failed to take reasonable care to organise and control its affairs responsibly and effectively."
The fine was handed down in conjunction with another British watchdog, the Prudential Regulation Authority.
Former TSB Bank chief executive Paul Pester stepped down in 2018 following the IT debacle.
F.Bennett--AMWN
