Regulators fine three banks £56m for IT failures

The FCA fined the banks £42m, and the Prudential Regulatory Authority fined it a further £14m. All three banks are part of the RBS group, which is partly owned by the taxpayer. The FCA said it has taken this action against the banks for failing to put in place resilient IT systems which could withstand, or minimise the risk of, IT failures. The actual cause of the IT incident, which occurred in June 2012, was a software compatibility problem. But the FCA said the underlying cause was the banks' failure to put in place adequate systems and controls to identify and manage their ex...