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BRITISH BANK TSB FINED 48.7 MILLION POUNDS OVER BOTCHED IT MIGRATION

2022/12/20
Published 2022/12/20 08:29 (GMT) Updated 2022/12/20 09:03 (GMT)
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By Tom Wilson and Jesús Aguado

LONDON/MADRID (Reuters) -British lender TSB has been fined 48.65 million pounds
($59.1 million) over a botched IT platform migration in 2018 that locked
millions of its customers out of their accounts, UK regulators said on Tuesday.

The IT upgrade "immediately experienced technical failures", the Financial
Conduct Authority (FCA) and Prudential Regulation Authority (PRA) said,
resulting in "significant disruption" to TSB's in-person, online and phone
banking services.

The regulators found that TSB failed to organise and control the migration
adequately, and failed to manage operational risks from its IT outsourcing
setup.

TSB's Spanish owner Sabadell said in a statement that the settlement would be
accounted for by TSB in the fourth quarter and estimated an impact of 6 basis
points on the group's capital.

It however said that TSB's and Sabadell's insurance policies would offset the
impact in the following quarters.

Sabadell's 1.7 billion pound acquisition of TSB in 2015 ran into issues more
than four years ago when IT glitches sent costs spiraling.

"The failings in this case were widespread and serious which had a real impact
on the day-to-day lives of a significant proportion of TSB's customers,
including those who were vulnerable," said Mark Steward, executive director of
enforcement and market oversight at the FCA.

TSB was fined 29.75 million pounds by the FCA and 18.9 million pounds by the
PRA, receiving a 30% discount by agreeing to settle the issue, the British
regulators said.

In a statement, TSB CEO Robin Bulloch apologised to consumers hit by problems
during the upgrade.

"We worked hard to put things right for customers then and have since
transformed our business," he said. "Over the past four years, we have harnessed
our technology to deliver new products and better services for TSB customers."

The report of an investigation published in 2019 found that an IT crash at TSB
bank disrupted services for nearly 2 million customers and halved parent
Sabadell's profits the previous year was caused by moving to a new banking
platform before it had been properly tested.

The fine puts an end to the uncertainty that surrounded TSB in the past and
which also forced Sabadell to freeze the sale of its British unit until it
completely turned around the business.

In the third quarter, TSB already made a positive contribution to the parent
group's results for the seventh consecutive quarter, adding 39 million euros
($41.4 million).

($1 = 0.8236 pounds)

($1 = 0.9427 euros)

(Reporting by Tom Wilson and Iain Withers in London and Jesus Aguado in Madrid;
Editing by Kirsten Donovan and Emelia Sithole-Matarise)

© Reuters



Reuters UK




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