Chichester MP criticises ‘serious’ Royal Bank of Scotland IT failure

CHICHESTER MP Andrew Tyrie has labelled a bank’s IT failure affecting thousands of businesses as ‘unacceptable’.
Business newsBusiness news
Business news

The Royal Bank of Scotland announced yesterday (June 17) that customers could be experiencing payment and direct debit problems, with some payments not expected to be completed until June 20.

“This looks like a serious IT failure at RBS, the latest of many in the industry,” said Mr Tyrie, who is chairman of the government’s treasury committee.

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“Many thousands of individuals and businesses have once again been badly hit. Customers that have suffered loss should be reimbursed in full by RBS. It is also important that credit scores remain unaffected.

Andrew TyrieAndrew Tyrie
Andrew Tyrie

“RBS is suggesting that the delayed payments will be processed ‘no later than Saturday’. This looks unacceptable.”

RBS told people affected and needing to access funds to call 03457 242424 or visit their local branch.

However, there have been extensive reports of the phone line being flooded with people anxious to find out what is going on, leading to lengthy waiting times.

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Customers from RBS, NatWest, Coutts and Ulster Bank – all part of the same banking group – have been affected by the latest issue,

“Restoration of payments should be a top priority,” added Mr Tyrie. “It is crucial for those in the greatest financial need and also those who find it difficult to go to a branch.

“These failures should concern both the conduct and prudential regulators. I will be writing to the chief executive of RBS, the chief executive of the Financial Conduct Authority, and the chief executive of the Prudential Regulation Authority to obtain reassurance that the steps necessary to bring a halt to these failures are being taken.”

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