FCA probes RBS IT glitches

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Rachael Power
Community Correspondent
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The Financial Conduct Authority (FCA) has launched an investigation into the Royal Bank of Scotland (RBS) IT failures which affected customers in June and July 2012.

Some customers in RBS, NatWest and Ulster Bank in Ireland were left with backlogs of failed payments and locked out of their accounts after a software upgrade went wrong last year.

In some cases, these took months to resolve.

The FCA, which is one of two bodies which have taken over from the FSA on 1 April, announced they had begun their investigation this week.

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11th Apr 2013 14:02

Can it look at RTI as well?

The subject was just a random passing thought.

11 days after its creation the FCA is looking at something which affected many but for which RBS put up its hands and promised to make good to anyone affected.  Meanwhile it will follow its predecessor in taking too long and imposing too little sanction on wrongdoers.

The Authority will finish up as another tick box culture form filler.  It needs to go out and regulate markets and marketeers not run enquiries into software problems where it will simply report what we already know.

AS for RTI it is something that will cost employers, despite HMRC stating, with no reasearch to support it, that it will save money.  I think that is miss-selling.  I suppose Lin Homer will be the head of FCA just as soon as the Public Accounts Committee gets on her tail again!

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