RBS may face fine over major systems outage
10 April 2013 2:15am
RBS could face multi-million pound fines after its systems meltdown left millions of customers without access to their funds last summer, the City watchdog said yesterday.
The Financial Conduct Authority (FCA) has started an enforcement investigation which could lead to a financial penalty for the bank.
For more than a week in June and July customers could not access their accounts or make or receive transfers.
The fault was blamed on an IT operative in India accidentally deleting vital information.
“The Financial Conduct Authority has started to conduct an enforcement investigation into the IT failures at RBS which affected the bank’s customers in June and July 2012,” the FCA said in a statement.
“The FCA will reach its conclusions in due course and will decide whether or not enforcement action should follow that investigation.”
RBS pledged to help the investigation.
“Last summer's IT failure was unacceptable. We have already made significant improvements and over the next three years will invest hundreds of millions of pounds in our systems,” it said in a statement.
In other news
Chancellor George Osborne was given a boost today, as higher tax receipts helped shrink the deficit by more than [Read more]
Beleaguered spread-betting firm Plus500 today suspended trading in its shares on London's junior market, following [Read more]
The news that card and electronic transactions have overtaken cash as the UK’s preferred method of payment is [Read more]
Former secretary of state for communities and local government Eric Pickles is to be knighted, 10 Downing Street [Read more]
Network Rail engineers have destroyed the Abbey Wood station as part of the Crossrail development that is expected [Read more]
The Championship looks set to once again be named the fourth most-watched league in Europe, following a seven [Read more]
The Costa Coffee owner said Brittain was "the standout candidate from a very strong field". [Read more]
Sugary foods may be taxed to cover the costs of treating obesity, a government minister has said.
European governments must increase efforts to adopt structural reform if “lasting stability and prosperity” [Read more]
Accounting, finance and economics - choose to study any of these subjects anywhere and you'll be likely to land [Read more]
Badly-behaved bosses are a nightmare if you're the unfortunate employee who has to work for them - but they're [Read more]
Last night hundreds of people in Kent were woken by a 4.2 magnitude earthquake, which occurred just before 3am. [Read more]
Are the UK's new crop of MPs actually any good at social media? [Read more]
The retail industry is in a state of flux. Consumers and technology are driving fundamental changes. And now, [Read more]
Newly re-elected Prime minister David Cameron will hold his first talks with European Union leaders today, as [Read more]
The Conservatives came to power on the back of an improving economy and with the promise of more improvement to [Read more]