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Once bitten, twice shy

04 September 2018

An IT failure at TSB left customers unable to access their online accounts yesterday, and this was not for the first time. In April TSB were inundated with complaints after nearly 2 million people were locked out of accounts for several weeks. The bank had tried to move its customers from an IT system run by its old owners Lloyds onto a new system owned by its Spanish parent company Sabadell, causing many customers to be loose access. Some even gained access to the confidential records of others.

The IT failure cost TSB 176m and 26,000 customers closed their accounts. The Financial Conduct Authority launched an investigation into the problems in June, and the law firm Slaughter and May law firm has been commissioned by TSB to look into what went wrong.

Problems have continued since then, and yesterday seems to have been the final straw. Chief executive Paul Pester has announced his resignation from the bank after seven years as boss. Many MPs had previously called on him to step down, perceiving him to be complacent. The role of executive chairman will be taken on by TSB chairman Richard Meddings until a new chief executive is chosen.

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