TSB Fined

If you are or were a TSB client then you will remember the meltdown of their computer systems back in 2018.

TSB tried to move their computer systems from their own to those of Sabadell which bought TSB in 2015.

Whether it was lack of testing or bad management or unrealistic expectations or just plain incompetence, the result was millions of their customers couldn’t access their money, direct debits failed leading to penalty costs on their customers and more.

It was the lead story on the news for days as many people had their lives turned upside down by the sudden shutdown of their accounts.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) concluded that TSB failed to organise and control the programme of work and failed to manage the operational risks of the software migration.

The FCA fined TSB £29.8 million and PRA sanctioned TSB for £18.9 million, adding to the £32.7 million it cost TSB to set right damage to their customers accounts.

We rely so much nowadays on computer systems and their information and its up to all organisations to protect their customers data and access.

If you have any experiences with these scams do let me know, by email.

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