FCA begins investigation into RBS for technical failure

The Financial Conduct Authority (FCA) has made an announcement on an investigation into technical failures that occurred at RBS last year:

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 will reach its conclusions in due course and will decide whether or not enforcement action should follow that investigation.


Our economics reporter Ben Southwood reported on the story last June which left customers unable to access their money:

With reports saying the problems started when RBS attempted last Tuesday to update a batch processing tool called CA-7.

According to a former employee, a failed update should not have been fatal, as the process is usually trivial for experienced programmers.

(Full article)