The bank says it has transformed its business since the self-inflicted PR disaster of April 2018 when a transfer of customer data to new systems went spectacularly wrong, with disruption lasting months for some customers.
TSB has been fined £48.65m by regulators for"operational resilience failings" related to its massive IT meltdown in 2018 that effectively blocked millions of customers from their accounts for up to several weeks.
The Financial Conduct Authority and Bank of England's Prudential Regulation Authority identified"widespread" deficiencies in the planning and execution of a customer data migration in April that year. TSB - which was spun out of Lloyds Banking Group, listed on the stock exchange in 2014 and acquired by Sabadell the following year - had been attempting to shift the data from Lloyds' systems to a new one designed by its Spanish owner.significant disruption"All of TSB's branches and a significant proportion of its 5.2 million customers were affected by the initial issues", the FCA said in a statement.
"Some customers continued to be affected by some issues and it took until December 2018 for TSB to return to business as usual. TSB has paid £32.7m in redress to customers who suffered detriment." The saga proved a PR disaster for the bank and prompted its-then chief executive, Paul Pester, to resign.
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