Royal Bank of Scotland fined £56m over IT meltdown

Royal Bank of Scotland is to pay fines totalling £56m following an IT meltdown in 2012 which locked millions of customers out of their accounts.

Royal Bank of Scotland fined £56m over IT meltdown
Thu, 20 Nov, 2014 - 09:01

Royal Bank of Scotland is to pay fines totalling £56m following an IT meltdown in 2012 which locked millions of customers out of their accounts.

The group, which includes NatWest and Ulster Bank, has already paid more than £70m in redress to UK customers as a result of the crash, which it has blamed on “unacceptable weaknesses” in its systems.

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CourtsBusinessHeathrowPlace: UKPerson: Tracey McDermottOrganisation: Royal Bank of ScotlandOrganisation: NatWestOrganisation: Ulster BankOrganisation: Financial Conduct AuthorityOrganisation: RBSOrganisation: Bank of EnglandOrganisation: Prudential Regulation AuthorityOrganisation: FCA
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