Basic Search  |  Summaries  |  Advanced SearchPenalty: £42,000,000
Year: 2014
Date: 19 November, 2014
Offence Group: financial offences
Offence Type: banking violation
Violation Description: RBS, NatWest and Ulster Bank Ltd paid £42 million in settlement of a finding by the FCA that they failed to have adequate IT systems, allowing a failed software update to disable online transaction systems leaving millions of customers unable to assess accounts with problems that went on for several weeks. This was a joint action with the Prudential Regulation Authority which fined the banks £14 million (see separate entry).
Action Type: agency action
Settlement Type: settlement of FCA Decision
Agency: Financial Conduct Authority
HQ Country of Parent: United Kingdom
Ownership Structure of Parent: publicly traded
Major Industry of Parent: financial services
Specific Industry of Parent: banking & securities
Source of Data: (click here)