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UK regulators fine TSB £48.6m over “operational resilience failings”

December 20, 2022


The FCA states that following the update, while the data for the bank’s corporate and customer services was migrated successfully to the new IT platform, the platform “immediately experienced technical failures” leading to “significant disruption” in TSB’s banking services, including branch, telephone, online and mobile banking.

It adds that all of TSB’s branches and a “significant proportion” of its 5.2 million customers were affected, and that it took until December 2018 for the bank to return to business-as-usual. The regulator says TSB “has paid £32.7 million in redress to customers who suffered detriment”.

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