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.
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.
2025-09-05T18:10:00Z By Aaron Nicodemus
Deutsche Bank has agreed to pay a $3 million fine and has returned $5 million in fee overcharges to customers as part of a resolution with Hong Kong’s financial services regulator.
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The EU has one, the U.K. is getting one, many U.S. states are working with Google and Apple to provide one, and now industry sectors are developing their own digital wallet.
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The majority owner of a Pennsylvania investment firm faces 100 years of prison time and huge fines for allegedly running a $770 million Ponzi scheme centered on an ATM company he also owned.
2025-09-03T17:43:00Z By Adrianne Appel
The Federal Trade Commission (FTC) proposed an enforcement action against Disney for allegedly collecting personal information about children, and then threw salt in the wound by calling the company out in an alert emailed to an untold number of businesses.
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The U.K. will start cracking down on companies under the new Failure to Prevent Fraud law on Sept. 1, with the Crown Prosecution Service and Serious Fraud Office ready to enforce it.
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