11/21/2014 3:01:16 PM | less than a minute read

Regulators fine Royal Bank of Scotland ₤56m for IT failure

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Gareth Jones

Co-Founder, FinTech Collective

Get in touch

Gareth Jones

Co-Founder, FinTech Collective

During the disruption in 2012 caused by a faulty batch processing scheduler customers could not:

Use online banking facilities to access their accounts
Obtain accurate account balances from ATMs
Make timely mortgage payments
Access cash in foreign countries

In addition, the banks applied incorrect credit and debit interest to customers' accounts, and produced inaccurate bank statements.

In the summer of 2012 customers of RBS, NatWest and Ulster Bank were locked out of their accounts for days as a result of a glitch in the CA-7 batch process scheduler, freezing 12 million accounts. Customers could not access funds for a week or more as RBS, NatWest and the Ulster Bank manually updated account balances.

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