Bank of England fines former TSB executive over 2018 IT meltdown
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The central bank’s Prudential Regulation Authority division penalised the IT specialist under the UK’s senior manager conduct rules, which were introduced after the 2008 financial crisis to hold top bankers to increased account. In this case, the PRA has fined Mr Abarca because his management of a key outsourcing relationship fell below the standard we expect Sam Woods, chief executive of the PRA Sam Woods, chief executive of the PRA and deputy governor of the Bank, said: “Senior managers have an essential role to play in ensuring that firms manage and supervise outsourcing effectively. “In this case, the PRA has fined Mr Abarca because his management of a key outsourcing relationship fell below the standard we expect.” It comes after TSB was fined £48.7 million by the PRA and Financial Conduct Authority regulators in December.
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TSB fined £10.9m for ‘woeful’ systems leaving customers at ‘risk of harm’
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