3rd Nov 2014 12:49
LONDON (Alliance News) - The Royal Bank of Scotland Group PLC is set to be fined tens of millions of pounds by the City regulator over an IT glitch in 2012 which left customers without access to their money, Sky News reported on Monday.
The Financial Conduct Authority is understood to have told RBS last month that it would have to pay a sum which would represent a record for a systems-related problem, Sky News said.
In its third-quarter results last week, the taxpayer-owner bank reiterated its previous statements about the IT failure, noting a provision in its accounts of GBP175 million to cover redress to customers who suffered losses because of the problems.
RBS was not immediately available for comment.
http://news.sky.com/story/1365912/rbs-faces-record-fca-fine-for-2012-it-failure
By Sam Unsted; [email protected]; @SamUAtAlliance
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