RBS fined £56m for 2012 systems outage

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RBS has received a total of £56m in fines for the system crash caused by a failed systems upgrade. This left millions of RBS, NatWest and Ulster Bank customers unable to make or receive payments.

A joint investigation by the FCA and PRA has concluded that RBS’s systems and controls had been inadequate. Sources say that the complex patchwork of outdated systems is a result of dozens of previous acquisitions.

RBS has confirmed it will commit an extra £750m by the end of 2015 to enhance the security and resilience of its IT infrastructure.