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TSB fined 48m.

 

TSB fine

Financial regulators have fined TSB Bank a total of £48.6 million over a botched IT upgrade in April 2018 that blocked customers from their accounts and banking services. TSB’s branches and a significant proportion of its 5.2 million customers were affected by the initial issues, which hit the branch, telephone, mobile and online banking services. Some customers were affected by problems for a long time afterwards. Paul Pester quit as chief executive of TSB four months after the issues arose, while the bank has paid £32.7 million in redress to customers who suffered as a result of its failures.

«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,» Mark Steward, FCA executive director of enforcement and market oversight, said. Sam Woods, the Bank of England’s deputy governor for prudential regulation and chief executive of the PRA, said the authority expected banks to manage their operational and financial resilience. TSB would have faced a significantly more significant fine of £69.5 million but qualified for a 30 per cent discount after agreeing with the authorities to resolve the matter.

www.sba.tax

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  1. Anonymous20 December 2022 at 17:18

    Although clients have received some money from the company for this mistake, I still think that at least 20% of the £48.6 million should have gone to clients worldwide.

    ReplyDelete

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