RBS reaches settlement with software firm over 2012 IT failure
Royal Bank of Scotland (RBS) has received millions of pounds in compensation from the software supplier at the centre of the 2012 IT failure.
CA Inc.
$44.44
11:04 05/11/18
FTSE 100
7,893.61
16:25 19/04/24
NATWEST GROUP
276.10p
16:34 19/04/24
According to Sky News, New York-listed CA Technologies reached a confidential settlement with the taxpayer-owned bank for a "significant" financial contribution.
RBS was fined £56m by two UK regulators on Thursday for governance and operational failings which caused chaos for more than six million customers, who were left unable to receive or make payments two years ago, as the bank's IT system suffered major technical issues.
The Financial Conduct Authority fined RBS £42m, while Prudential Regulation Authority stated that the lender had "inadequate systems and controls" and added an additional £14m fine.
The incident led watchdogs to increase their supervision of banks' IT infrastructure as well as their contingency planning for such incidents, while RBS chairman Sir Philip Hampton apologised again to customers who were affected by the breakdown in 2012.