RBS to Face FCA Investigation into IT Failures

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The FCA announced that it will conduct a formal investigation into the IT malfunction at RBS last summer, which left 17 million of its customers unable to access their accounts for up to three weeks. The investigation could result in enforcement action being taken against RBS.

Because of the public interest in the matter, the financial regulator took the unusual step of publicly announcing its investigation, as is allowed in “exceptional” circumstances in the FCA Handbook.

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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