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TSB to face regulatory scrutiny over tech failure

Technology-Computer-Binary-700x450.jpgTSB will be investigated by the FCA over the failed April launch of its computer system which left 1.9 million people without online banking access.

Some of TSB’s five million customers are still experiencing problems after it moved to a system run by the bank’s Spanish owner Sabadell more than six weeks ago.

TSB chief executive Paul Pester is appearing before MPs for the second time over the service failure, after incorrectly telling Treasury Committee MPs that customers were still able to carry out transactions as normal.

The BBC reports FCA chief executive Andrew Bailey saying the regulator would release information about the investigation due to high public interest.

He says: “We do not normally make this information public, but I want to be clear that we will be conducting this work.”

Pester told MPs on 2 May that he will not receive a bonus this year due to the system failures.

In a statement today Treasury committee chair Nicky Morgan says: “The regulator does not make such criticisms lightly. I am deeply concerned by TSB’s poor communications about the scale and nature of the problems it has faced; by its response to customer fraud; and by the quality and accuracy of the oral and written evidence provided by Pester to the committee.”

Pester, TSB chair Richard Meddings and a representative from Spanish-parent Sabadell appeared before the committee in May.



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