This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager. Dismiss

TSB fined almost GBP49 million for operational resilience failures over IT outage

( December 20, 2022, 09:21 GMT | Official Statement) -- MLex Summary: UK retail bank TSB has been fined 48.65 million pounds ($59.3 million) over an IT failure in 2018 that left customers unable to access its branch, telephone, online and mobile banking services. The Financial Conduct Authority and the Prudential Regulation Authority found that TSB failed to manage the operational risks arising from its IT outsourcing arrangements with its critical third-party supplier. The failings were "widespread and serious, which had a real impact on the day-to-day lives of a significant proportion of TSB’s customers," said Mark Steward, the FCA's executive director of enforcement. “The PRA expects firms to manage their operational resilience as well as their financial resilience,” said Sam Woods, deputy governor at the PRA.Statement below and final notices attached. ...

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.


Know what others in the room don’t, with features including:

  • Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
  • Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
  • Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
  • Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login