Report into TSB IT failure due before Christmas
Written by Hannah McGrath
TSB is planning to bring forward the publication of a report into its botched IT migration to the end of the year.
The embattled retail bank, which last week saw its chief executive Paul Pester stand down following a series of IT failures, has asked law firm Slaughter & May to split a report they are compiling into two parts in order to fast track the process.
The first phase of the report, which is due to be published by Christmas, will focus on the decision to migrate TSB’s IT systems in April, which resulted in a meltdown that left thousands of customers without access to their mobile and online banking services.
The second chapter will explore how the bank has handled events post-migration, and is expected to include details of further service disruption to customers over the following five months, including a temporary outage of digital banking services last weekend. It is expected to be made public next year.
Richard Meddings, who took over as acting executive chairman of TSB following the departure of Pester last week, said the firm has determined to issue the Slaughter and May report “as soon as practicable”.
“We are probably going to divide that in two essential chapters, so we are dividing the report into two elements. That should enable us to produce the first part of that hopefully before the end of this year,” he added.