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TSB chief exec steps down amid IT failures

TSB Bank chief executive Paul Pester has resigned in the midst of ongoing IT issues at the lender.

Pester had faced challenges from consumers, MPs and regulators after a computer migration in April left nearly two million customers without access to their online bank accounts.

The problems were still ongoing more than six weeks after the transition, and MPs said they had “lost confidence” in Pester’s leadership after he reassured them that the issues were under control.

The FCA also said it would be reviewing TSB’s actions over the IT glitches, but has yet to release public findings.

Though he told MPs that he would forgo his bonus, Pester has now stepped down from the role after seven years in charge.

Non-executive chairman Richard Meddings will take over the role on an interim basis until a new chief executive is found.

Meddings says: “Although there is more to do to achieve full stability for customers, the bank’s IT systems and services are much improved since the IT migration.

“Paul and the Board have therefore agreed that this is the right time to appoint a new chief executive for TSB. Our goal is therefore to allow a full search to commence, without any distractions, enabling TSB to build for the future.”

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