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MPs: We have ‘lost confidence’ in TSB chief

The Treasury select committee says it has ‘lost confidence’ in the leadership of TSB chief executive Paul Pester for failing to tackle a string of IT failures at the bank.

The MPs believe that Pester did not give adequate explanation of the problems faced and how to solve them at a hearing earlier this week, and have written to the bank’s chair to ask the board to review his position.

While the MPs acknowledge the board may not have control over all IT issues that have occurred, Pester could have acted far swifter to compensate customers.

They further say that Pester is in “denial” over statements he has made that everything is running smoothly for the majority of users.

The letter to the board reads: “The committee has lost confidence in [Pester’s] ability to provide a full and frank assessment of the problems at TSB, and to deal with them in the best interests of its customers. It is concerned that, if he continues in his position, this could damage trust not only in TSB, but in the retail banking sector as a whole.”

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