Published: Wed, April 25, 2018
Money | By Bruce West

TSB boss 'deeply sorry' as banking problems continue

TSB boss 'deeply sorry' as banking problems continue

Earlier this month, TSB informed customers that during a planned upgrade to its systems between 4pm on Friday 20 April and 6pm on Sunday 22 April, services such as online banking may not be available.

Customers affected by the issues can complain to the bank.

"Moving forward, banks must dedicate time and effort to understand the risks held by their software architecture, especially those firms undergoing huge mergers or digital transformation projects", he added.

Have they sorted it out yet?

TSB took down its services until 2am on Monday to fix the issue.

Others have been locked out of their accounts for days, making them unable to pay bills or withdraw cash from machines.

MP Nicky Morgan, chair of the Treasury Select Committee, has written to the bank's CEO, Paul Pester, to try to get more information for the causes of the meltdown and how long it will affect users.

What is TSB doing about all this? "One of the steps we need to take to resolve this is to take our mobile app and online banking down for a few hours", TSB Twitter account said by tweeting a picture of a statement.

"Both the app and internet banking should be up and running again soon".

"Newly merged businesses should conduct a full assessment of their network, and if necessary, replace outdated legacy technology with a software-defined (SD-WAN) approach".

TSB said: "Customers can rest assured that no one will be left out of pocket as a result of these service issues". Keep any receipts/paperwork, and visit a branch or call the bank and explain that you want to reclaim your money.

Almost two million United Kingdom banking customers are reportedly experiencing difficulties using their account online, with some able to access other users' funds after an IT upgrade went wrong.

However, RBS is a much bigger bank, and this earlier incident - which did not include a planned upgrade - involved 10% of the United Kingdom population: at least 6.5 million customers.

A spokeswoman said that 2% of its five million customers have such accounts.

Why do these banking meltdowns keep happening?

It is inevitable that the FCA would investigate the serious problems experienced by the bank when it was migrating from the Lloyds Bank IT systems it was using to its new core banking platform, and the ICO is in contact with TSB after it was revealed that customer data had been exposed.

TSB was acquired by Sabadell, the Spanish banking group, in March 2015 for £1.7 billion shortly after its separation from Lloyds Bank; the two organisations formerly known together as Lloyds TSB.

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