RBS fined £56m for control failures over 2012 IT outage

Poor IT risk management threatened UK financial system

rbs-2010

UK regulators have fined RBS £56 million for IT failures that affected millions of customers in 2012 and could have resulted in a knock-on disruption for the UK financial system.

The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on November 20 jointly fined RBS for the glitch which disrupted the banking of over 6.5 million UK customers of RBS, NatWest and Ulster Bank beginning in June 2012.

In addition to the effect on retail customers, the IT failure could have

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