Bank of England hires Deloitte to lead review into payment systems and Chaps crash

Emma Haslett
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The Chaps outage took place over several hours more than a month ago (Source: Getty) (Source: Getty)

Remember when the Bank of England's Chaps payment system crashed, causing chaos across the system when large money transfers were suspended? More than a month on, the Bank of England has got around to appointing someone to find out what happened. The winner of that dubious accolade: Deloitte.

A problem with the Bank's Real-Time Gross Settlement (RTGS) system, which is responsible for the transfer of large amounts of money, caused an outage lasting several hours on 20 October. That caused the Clearing House Automated System (Chaps) to pause.

The Bank said today that Deloitte will investigate the cause of the outage, evaluate the robustness of the system and (inevitably) look into its governance.

It will also assess whether the Bank's response was appropriate and evaluate whether its incident management and back-up plans are robust enough. Then it'll tell us what we've learned from all this.

Deloitte will report at the beginning of next year, at which point the Bank will give us its response. Which presumably will include much kicking of dirt and staring at its shoes...

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