RBS landed with £56m fine over IT meltdown
"RBS Group has been hit with over £56 million in fines following significant IT failures two years ago.
The problems, which affected RBS, NatWest and Ulster Bank during June 2012, left 6.5 million customers unable to get accurate balances for their accounts and use some banking services online and at ATMs. In some cases, customers failed to make their mortgage payments, pay staff on time, or were left abroad with no access to cash as a result of the glitches.
The problems persisted for several weeks, and were caused by issues with a software upgrade in the bank's overnight processing system.
Last Wednesday two regulators fined the bank over the issue. The Financial Conduct Authority said RBS had failed ‘to put in place adequate systems and controls to identify and manage their exposure to IT risks’, and fined the bank £42 million.
The Prudential Regulation Authority also fined the bank £14 million.”
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