TSB fined £49m over IT banking chaos

TSB has been fined nearly £49m for an IT meltdown in 2018 that caused chaos and left its customers unable to access online accounts for several weeks.

The UK's financial regulator said the failings were "widespread and serious" and led to "significant disruption".

The problems began in April 2018 when an attempt to move data to a new computer system went wrong.

The problems affected all areas of TSB's banking services, including branch, telephone and online.

The issues were not fully resolved for eight months.

Mark Steward, executive director of enforcement and market oversight at the Financial Conduct Authority, said: "The failings in this case were widespread and serious which had a real impact on the day-to-day lives of a significant proportion of TSB's customers, including those who were vulnerable."