Skip to main content

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

Labels:

Comments

  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

Post a Comment

Cloud Bookkeeping

US FED rate rise.

  The US Federal Reserve officials have indicated that they plan to resume increasing interest rates to control inflation in the world's biggest economy. During the June meeting, the Federal Open Market Committee reached a consensus to keep interest rates stable for the time being to evaluate whether further tightening of policy would be necessary. However, the majority of the committee anticipates that additional rate increases will be required in the future. The minutes of the meeting have recently been made public. According to the minutes, most participants believed maintaining the federal funds rate at 5 to 5.25 per cent was appropriate or acceptable, despite some individuals wanting to raise the acceleration due to slow progress in cooling inflation. Although Fed forecasts predicted a mild recession starting later in the year, policymakers faced challenges in interpreting data that showed a tight job market and only slight improvements in inflation. Additionally, officials gr...
Post a Comment
Read more

EU business slide.

  S&P Global’s flash eurozone composite purchasing managers’ index, a key gauge of business conditions for the manufacturing and services sector, fell 1 point to 47.1, figures showed yesterday. That is its lowest level since November 2020 and the fourth consecutive month below the crucial 50 mark separating growth from contraction. One of the few bright spots in the survey was that companies in all sectors reported a slight easing of cost pressures, price growth and supply chain constraints. However, prices charged for goods and services still rose at the sixth fastest rate since such data started in 2002. Jobs growth increased marginally from October but remained low compared with the past 18 months. Following a few months of falling price pressure in manufacturing and services, the October print shows an overall stabilisation said Jens Eisenschmidt, chief European economist at Morgan Stanley. However, German businesses, at the hub of Europe’s energy crisis, reported that manu...
1 comment
Read more

Tariffs on UK electric cars.

  The European Commission has confirmed that it will continue with its plan to impose tariffs on electric cars exported between the UK and EU starting next year. This is due to the "rules of origin" requirement that mandates EVs traded across the English Channel to have 60% of their battery and 45% of their parts sourced from the EU or UK or face a 10% tariff. A senior Commission official, Richard Szostak, recently informed parliamentarians from the UK and EU that the bloc's battery investment has significantly declined, making the tariffs necessary to encourage domestic production. In 2022, the EU's share of global investment in battery production shrank from 41% to only 2% after the US offered substantial subsidies through its Inflation Reduction Act. Starting in 2024, car manufacturers in the UK will need to have 22% of their sales come from zero-emission vehicles, which means they may need to import EVs from the continent to meet this requirement. If EU carmakers ...
Post a Comment
Read more