MPs' Investigation Reveals Millions in Compensation for Banking IT Failures
Nine major UK banks and building societies accumulated at least 803 hours of tech problems in the past two years, figures published by MPs show. The Treasury Committee's investigation found that the outages affected millions of customers between January 2023 and February this year, with Barclays facing compensation payments of £12.5m. The committee's chair, Dame Meg Hillier, highlighted the impact on families living "pay check to pay check", who lost access to banking services on payday.
- This report underscores the critical role of robust IT systems in maintaining public trust in banks and financial institutions, where even minor disruptions can have significant consequences for customers' daily lives.
- Will this revelation lead to increased investment in bank cybersecurity and disaster recovery measures to prevent similar outages in the future?