Royal Bank of Scotland (RBS) has been fined a record fine by the FCA worth tens of millions of pounds for an IT failure that occurred in 2012 and disabled customers’ accessibility to their funds.
The IT failure, which began on 19 June 2012, affected computers run by NatWest, Ulster Bank and RBS, disrupting customers’ wages, payments and most other types of transactions.
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The FCA informed RBS of the fine for the IT failure last month, according to Sky News.
Last week, when RBS published its third quarter results, it said enforcement proceedings had begun, meaning the FCA has put forward a proposed settlement to which the bank must respond within 28 days.
If the bank agrees to the settlement within 28, it could be granted a 30% discount on the fine.
The Central Bank of Ireland may also impose a separate penalty for the same IT glitch.
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By GlobalData
