An update on Britain’s entry into 2018’s biggest cock-up of the year award
I read this week that more than 16,000 customers have left TSB since the IT meltdown earlier this year (see my previous blog on this topic).
The Financial Conduct Authority (one of the UK’s financial regulators) is still deciding whether to fine the TSB after it was judged to have misled parliament.
The number of customers is fewer than expected (previous reports of 28,000 were , it seems, wide of the mark). TSB suffered further outages on 28 September when its smartphone app and internet banking had issues when customer had trouble logging in.
We are unlikely to get comparable reports on TSB profits in the future as they are now being assimilated into the parent company, Sabadell’s, group reports.The total cost of the IT migration has been reported by Sabadell €321m.