Some Good News in Latest Figures from the Financial Conduct Authority

Never let it be said that we don’t celebrate good news! Since April 2018, UK banks have had to report “Operational and Security Incidents” affecting personal and business current accounts to the Financial Conduct Authority (FCA) if they reach any of the following thresholds: 10% of transaction affected; 5000 payment service users affected; and/or 2 […]

Business Continuity Awareness Week – Day 1

As ever, it has been a busy start to Business Continuity Awareness Week (BCAW) 2021… Over the weekend, Santander in the UK suffered major technical issues affecting branch, telephone, online, app and card services.  Sadly, according to figures compiled by the Financial Conduct Authority, this seems to be part of an ongoing problem, with Santander […]

More Disruption for Virgin Money Customers

Virgin Money was in the news again on Tuesday when its digital services were hit by technical problems.  It is reported that current account customers were unable to make transactions and access their accounts for much of Tuesday, with many expressing their frustration on social media.  The timing was particularly unfortunate, coming at the start […]

How Often do Banks Suffer IT Incidents?

We have often blogged about IT incidents within the banking sector and commented upon the frequency of these events; but how common are they?  Since April 2018, UK banks have had to report “Operational and Security Incidents” affecting personal and business current accounts to the FCA if they reach any of the following thresholds: > […]

New Decade Begins with High-Profile IT Problems

There is a strong sense of “situation no change” as the 2020s began with three high-profile IT problems in the UK Financial Services Sector. Firstly, the on-line banking services and mobile apps for Lloyds, Halifax and Bank of Scotland (all part of the Lloyds Banking Group) were all disrupted on New Year’s Day.  The disruption […]

More IT Problems at TSB

You couldn’t make it up: only days after the publication of a highly critical report into a massive IT failure in April 2018, TSB experienced further IT problems last week.  Customers started noticing delays to payments arriving in their accounts on Thursday.  TSB attributed the delays to a “processing error”, and advised that this had […]

Tesco Bank Fined £16.4 Million for 2016 Cyber Attack

Regular readers may remember that back in November 2016 we blogged about a cyber attack on Tesco Bank in which money was taken from 20 000 customers and all on-line banking was suspended. At the time, Tesco Bank were seen to have managed some aspects of the incident very well: the fraud was detected promptly […]

Disruption to On-Line Banking at Cashplus, Barclays and RBS

Millions of users of on-line banking services have been hit this week by disruptions at three different banks.  Cashplus was the first bank to experience difficulties, the impact on customers was particularly severe as it is an on-line bank so people were unable to access their accounts, make cash withdrawals, or make or receive payments.  Then, […]

Sudden Spike in Disruptions to Banking Systems

The inability of BP stations to handle card payments for a period on Sunday evening has been widely reported.  There have been no reports of further problems since then so it appears that the glitch has been successfully resolved.  Meanwhile, the fault  in the UK’s Faster Payments system, which occurred a few hours earlier, has […]

Disruption Continues for TSB Customers

TSB customers are experiencing a fourth day of disruption, following the migration of TSB customer data from Lloyds’ IT systems over the weekend.  The main impact on customers has been the inability to use internet and mobile banking but, more worryingly, there have been numerous reports of spurious transactions and, for a period on Sunday, […]