![]() Mark Steward, FCA Executive Director of Enforcement and Market Oversight said: As demonstrated by this incident, operational disruption can cause wide-ranging harm and it is critically important firms invest in their resilience. ![]() Operational resilience is a priority for both the FCA and PRA. However, the regulators’ found that TSB failed to organise and control the IT migration programme adequately, and it failed to manage the operational risks arising from its IT outsourcing arrangements with its critical third-party supplier. Its success was critical to TSB’s ability to provide continuity of critical functions and safety and soundness. TSB’s IT migration programme was an ambitious and complex IT change management programme carrying a high level of operational risk. TSB has paid £32.7m in redress to customers who suffered detriment. Some customers continued to be affected by some issues and it took until December 2018 for TSB to return to business-as-usual. This resulted in significant disruption to the continuity of TSB’s banking services, including branch, telephone, online and mobile banking.Īll of TSB’s branches and a significant proportion of its 5.2 million customers were affected by the initial issues. While the data itself migrated successfully, the platform immediately experienced technical failures. In April 2018, TSB updated its IT systems and migrated the data for its corporate and customer services on to a new IT platform (the “Migration Programme”). Technical failures in TSB’s IT system ultimately resulted in customers being unable to access banking services. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have fined TSB Bank plc (“TSB”) a total of £48,650,000 for operational risk management and governance failures, including management of outsourcing risks, relating to the bank’s IT upgrade programme. News and publications Open News and publications sub menu.Option-implied probability density functions Gross Domestic Product Real-Time Database The PRA’s statutory powers and enforcement ![]() Money Markets Committee and UK Money Markets Code Greening our Corporate Bond Purchase Scheme (CBPS) Operational resilience of the financial sector Wholesale cash distribution in the futureįinancial market infrastructure supervision
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