Treasury Committee engages with FCA over TSB IT migration

Nicky Morgan and Andrew Bailey have exchanged letters of the problems customers faced following TSB’s IT migration.

The Treasury Committee had asked about the work FCA had done in advance of the planned migration, its assessment of the problems and its views on TSB’s evidence to the Committee and its communications with customers as well as on what it had been doing since the issue arose.  FCA’s response confirmed that PRA and FCA would be conducting an investigation. It explained the work done with the bank before the migration, the level of problems since, and welcomed the bank’s decision to bring in IBM and other specialist consultants to restore platforms to pre-migration levels and return to full operational capacity.  The response also noted that FCA has spoken to the bank about how it communicated with customers following 20th April.

Currently, the regulators are working with TSB on monitoring progress on:

  • IT migration issues and IBM;
  • complaints and redress;
  • communications strategy; and
  • fraud, payments and the CASS service issues.