Last year’s RBS IT meltdown is to be investigated by the Financial Conduct Authority (FCA).
RBS was hit by an IT glitch which locked many RBS, NatWest and Ulster Bank customers out of their accounts during June and July. Some £175 million has been set aside by the group for compensation payments.
A statement issued by the FCA, which recently took over investigative duties from the Financial Services Authority (FSA), notes that it “has started to conduct an enforcement investigation into the IT failures at RBS which affected the bank’s customers in June and July 2012. The FCA will reach its conclusions in due course and will decide whether or not enforcement action should follow that investigation.”
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