Edinburgh-based high street lender TSB Bank has been fined £48.7m by City regulators for a botched IT upgrade in 2018 that left many of its 5.2m customers unable to access banking services.
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) hit the bank with the penalty for “widespread” failures over the organisation and control surrounding the transfer of its IT systems and customer services data on to a new technology platform in April 2018.
The watchdogs said the issues following the upgrade saw disruption across TSB’s entire branch network, as well as its internet, mobile and telephone banking systems.
