- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2022-12-20T21:21:00
TSB Bank was fined 48.65 million pounds (U.S. $59.2 million) by U.K. regulators Tuesday after a disastrous IT migration left customers unable to access cash or use online accounts for weeks.
All of TSB’s branches and a large proportion of its 5.2 million customers were affected by technical failures caused when the bank tried to switch to a new IT system in April 2018, according to the Financial Conduct Authority (FCA).
While the data itself migrated successfully, the new platform immediately encountered technical difficulties, resulting in a near total shutdown of the bank’s branch, telephone, online, and mobile banking services. Disruptions would persist for weeks.
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2024-01-31T21:15:00Z By Jeff Dale
The Bank of England’s Prudential Regulation Authority penalized two HSBC units £57.4 million (U.S. $73 million) over historic failures in deposit protection identification and notification.
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At some point, many compliance professionals say they’ve met an executive who approached their role dismissively. “I don’t want to talk about anything that doesn’t bring money in the door,” one attendee remembers a senior executive saying to them.
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
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The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
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The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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