FCA and PRA fine TSB for operations failings

Before Christmas, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) fines TSB Bank over £48million for operational resilience failings. It related to operational risk management and governance failing, including outsourcing, linked to their upgraded IT programme. The failings meant customers were unable to access some branch, online and mobile banking services. The bank has already paid £32.7million in redress.

Source: Bank of England