PwC to probe RBS IT failures

Tim Wallace
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AN INDEPENDENT team from PwC has been appointed to head the Financial Services Authority’s investigation into the systems meltdown that hit tens of thousands of RBS, NatWest and Ulster Bank customers earlier this year.

The regulator wants a thorough investigation to find out exactly how well the bank has done at taking steps to make sure such a failure cannot happen again.

It is part of a wider move by the FSA in which the largest nine banks have been told to review the security of their IT networks.

RBS has put aside £125m to cover potential compensation claims.