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BoE reveals scope of inquiry after tech failure put mortgages on hold

The Bank of England has published terms of reference for a review into a systems outage last month which saw UK borrowers unable to access mortgages.

On 20 October the Bank suspended the settlement of payments while it resolved a technical issue related to routine maintenance of the real time gross settlements payment system.

The RTGS system allows money to be transferred between banks in real time to fund investment banking and consumer loans.

The fault affected the Clearing House Automated Payment System, which processes high value same-day transfers, used by solicitors to transfer the mortgage during the house-buying process.

Later the same day, the Bank apologised and announced an independent review of the incident.

It has now appointed Deloitte to carry out the inquiry, which will investigate the causes of the incident, the effectiveness of the Bank’s response and lessons learned.

It will involve a root cause analysis, an evaluation of the robustness and governance of the system, as well as an assessment of the Bank’s response on the day, and the effectiveness of its incidence management procedures and back-up plans.

The findings of the review will be presented to the Court of the Bank of England, which will publish the full report and the Bank of England’s response in early 2015.


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ABI unleashed: Trade body slams lower pensions charge cap as L&G exits

The Association of British Insurers has lashed out at the prospect of reducing the 0.75 per cent pensions charge cap on auto-enrolment schemes as the chief advocate of a lower cap, Legal & General, leaves the trade body. In its written evidence to the Work and Pensions select committee, published this week, the ABI says […]


Chris Gilchrist: Act two of the life office tragedy

In the 1960s, the industrial branches of life offices were coining money from the upwardly mobile working classes. However, by the late 1960s, the worm of inflation was gnawing at their apple. In one five-year period in the 1970s, inflation reduced the purchasing power of money by 65 per cent. Along with every other business, […]

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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There are 3 comments at the moment, we would love to hear your opinion too.

  1. Wonder how much of a fine they’ll impose on themselves? ??

  2. And, if found to be at fault Deloitte will recommend the BoE should fine itself …… compensation to those who lost out…sack those found to be guilty of incompetence, and all join Alice at the tea party.

  3. Wonder how much of a fine they’ll impose on themselves? ??

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