TSB fined almost £50 million for IT meltdown that locked customers out of accounts for weeks

(Gareth Fuller/PA)

(Picture: PA Archive)

TSB has been slapped with a fine of almost £50 million for the disastrous systems meltdown that left around two million customers locked out of their accounts for weeks in 2018.

The IT collapse caused one of the biggest financial outages since the inception of internet banking and led to over £33 million being paid out to customers as well as the departure of the high street bank’s then chief executive, Paul Pester.