Former TSB tech chief hit with fine after botched IT upgrade
Former TSB technical director fined after failed IT upgrade that left customers unable to access their funds
A former TSB manager has been fined after a botched IT upgrade.
The lender was renamed “Totally Shambolic Bank” in 2018 after the technical collapse left many of its 5.2 million customers unable to access their money and other services.
TSB was fined more than £48m last year by regulators from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority over the debacle.
Fine: TSB was branded the ‘Totally Shambolic Bank’ in 2018 after the technical collapse left many of its 5.2 million customers unable to access their money and other services
It also paid £32.7 million to private and corporate customers who were affected.
The PRA, part of the Bank of England, followed this up with a fine of £81,620 for Carlos Abarca, the former chief information officer of TSB, under rules of conduct for senior managers introduced after the 2008 financial crisis.
A TSB upgrade disrupted the branch network and internet, mobile and telephone banking.
Sam Woods, chief executive of the PRA, said: ‘Senior managers play a vital role in ensuring that companies manage and control outsourcing effectively.
The PRA has fined Mr. Abarca because his management of a key outsourcing relationship was below what we expect.”