Violation Tracker UK Individual Case

Company: TSB Bank plc
Current Parent Company: Banco de Sabadell
Penalty: £29,750,000
Year: 2022
Date: 20 December, 2022
Offence Group: financial offences
Offence Type: internal controls deficiency
Violation Description: TSB agreed to pay a £29,750,000 fine to the FCA and a £18,900,000 fine to the PRA in settlement of findings that the bank failed to properly manage the operational risks of outsourcing arrangements leading to an IT upgrade programme failure causing customers to be unable to access banking services.
Settlement Type: settlement of FCA Decision
Agency: Financial Conduct Authority
HQ Country of Parent: Spain
Ownership Structure of Parent: publicly traded
Major Industry of Parent: financial services
Specific Industry of Parent: banking
Source of Data: (click here)