TSB Bank fined $59.2M for governance lapses in botched IT migration

TSB Bank

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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