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Insider UK
Insider UK
Henry Saker-Clark & Peter A Walker

Former TSB executive fined over 2018 IT meltdown

TSB PRA

TSB's former chief information officer has been fined after its botched IT upgrade in 2018.

The Bank of England has handed an £81,620 fine to Carlos Abarca after the failed systems migration left many of its 5.2 million customers unable to access banking services.

The central bank's Prudential Regulation Authority (PRA) division penalised the IT specialist under the UK’s senior manager conduct rules, which were introduced after the 2008 financial crisis to hold top bankers to increased account.

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