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.
Issues following the Edinburgh-based bank's planned upgrade saw disruption across the entire branch network, as well as its internet, mobile and telephone banking systems.
Sam Woods, chief executive of the PRA, said: “Senior managers have an essential role to play in ensuring that firms manage and supervise outsourcing effectively.
“In this case, the PRA has fined Mr Abarca because his management of a key outsourcing relationship fell below the standard we expect.”
It comes after TSB was fined £48.7m by the PRA and Financial Conduct Authority in December.
The fine added to the £32.7m already paid out by TSB to retail and corporate customers affected by the debacle. Former chief executive Paul Pester also stepped down in the wake of the fiasco.
On Thursday, the PRA said its investigation found that Abarca failed to “take reasonable steps” to ensure the lender complied with outsourcing rules.
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