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TSB losses pass £100m on back of IT meltdown

TSB’s losses have spiralled to £107m for the first six months of the year in the wake of a botched IT upgrade.

More than a billion customer records were due for migration in April, but more than a million were left without online banking access.

In its first results since the failure, TSB has budgeted £176m to cover the costs of the meltdown, to cover both compensation and the recruitment of specialists to resolve issues, Sky News reports.

TSB chief executive Paul Pester says: “We’re making progress in resolving the service problems customers experienced following our IT migration, and we will continue to work tirelessly until we have put things right.”

MPs: We have ‘lost confidence’ in TSB chief

“I know how frustrated many customers have been by what’s happened. It was not acceptable, and was not the level of service that we pride ourselves on – nor was it what our customers have come to expect from TSB.”

Pester says that 1,300 customers suffered financial loss when the IT system was left vulnerable to hackers.

He will not take his bonus this year, he told MPs, as they launched an enquiry into the failures in June.


EU rejects govt’s Brexit financial services plan

Europe will lose decision-making autonomy and be worse off under the terms outlined in last week’s Brexit whitepaper from Theresa May’s government, says the EU’s chief negotiator. The UK government scrapped its plans for mutual recognition of regulation in the whitepaper. The whitepaper instead proposes an equivalence model, similar to that used by Singapore and the […]


Abraham Okusanya: The irresponsible absurdity of new longevity theories

Annuity providers are wrong to use such sci-fi, scaremongering sales tactics  Ancient scholars would have us believe Methuselah lived to a staggering 969 years, making him the oldest person in history. Little wonder the name became synonymous with longevity. British gerontologist Aubrey de Grey coined the term “Methuselarity” – a blend of Methuselah and singularity – […]


Transact boss heralds ‘solid’ performance

Platform Transact has reported a 7.2 per cent increase in funds under direction over the third quarter to £31.8bn. The growth represented a 14.2 per cent increase over the year end. At the start of the quarter, funds under direction were £27.7bn. The update, reported by Transact’s parent Integrafin Holdings, shows net flows in the […]

Ros Altmann

Ros Altmann: Brexit uncertainty not over yet for advisers

Given all the turmoil in politics, I want to look at Brexit this week. Parliament is so engrossed in this ongoing drama that other policy issues are being pushed aside. The prime minister’s Chequers cabinet awayday produced a framework on which negotiations with the EU might be based, with proposals that would acknowledge the needs […]


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