The new Financial Conduct Authority (FCA) is investigating IT failures at the Royal Bank of Scotland (RBS) that affected customers in June and July 2012.
RBS
UK banks' 2012 profits have been wiped out by mistakes and fines, but banks have made progress, thanks to fall in bad debts and strong performance from investment
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PwC has been called in to investigate the computer malfunction that affected millions of RBS customers.
The Royal Bank of Scotland and customers of its subsidiaries NatWest and Ulster Bank are getting back to normal after a software upgrade last Tuesday disrupted internal transaction processing.
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Sub-prime lender Cattles has claimed in a court hearing that PwC’s audits of the firm between 2005 and 2007 led to a “gross misstatement” of its financial position.
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Two MPs have written to RBS demanding an explanation of its use of International Financial Reporting Standards (IFRS) to distort its financial position by up to £25bn.
Politicians are calling for an independent valuation of the government’s asset protection scheme following controversy over publicly funded plans to insure Royal Bank of Scotland’s toxic loans.
This week the government doubled its investment in bailing out the already part nationalised RBS and Lloyds Banking Group, injecting a further £37bn into the ailing banks.
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