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MPs to grill TSB over IT disaster

TSB store front 700 x 450

TSB and owner Sabadell will face the Treasury select committee this week to explain the recent failures of its online banking system.

TSB attempted to move customers to its new IT platform more than a week ago but the shift resulted in hundreds of thousands of customers being locked out of their accounts, with some saying their accounts had vanished.

The committee of MPs will take evidence from TSB on Wednesday. TSB chief executive Paul Pester, chair Richard Meddings and a representative from Spanish-parent Sabadell will appear before the committee.

Committee chair Nicky Morgan says: “It’s been reported that services such as online banking have been down for some TSB customers for over a week. Many individuals and businesses will have made arrangements for the planned outage, but not for the additional time that the systems have been unavailable.”

She adds: “We will take evidence from TSB and Sabadell representatives to find out how they got into this mess, who is responsible, and how they are putting it right.”

Morgan wrote to Pester last week and received a response today. Pester said no customer would be out of pocket as a consequence of the problems.



TSB pulls five homebuyer and remortgage loans

TSB is withdrawing several residential mortgages following a product review. From tomorrow the following homebuyer products will be unavailable: Three-year fixed rate Five-year fixed up to 80 per cent LTV with no product fee Ten-year fixed with ten-year early repayment charge The lender will also be withdrawing the following remortgage products: Two-year fixed rate up […]


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