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UK's TSB draws flak over delay in IT meltdown report

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UK's TSB draws flak over delay in IT meltdown report

British lawmakers have criticized TSB Banking Group PLC after it said that an independent review of its IT meltdown by law firm Slaughter and May is unlikely to be published before the first half of 2019, The Sunday Times reported July 29.

Paul Pester, the CEO of TSB, said the law firm "is running to its own timeline," according to the report.

Nicky Morgan, head of parliament's Treasury Select Committee, said TSB gave a false impression that it was having an "urgent review" conducted, while Wes Streeting, a Labour member of the committee, said the bank should have given Slaughter and May clear instructions on the timelines, the Times said.

TSB had said that the report will be used as basis for any decision on the culpability of its directors with regard to the IT fiasco, which locked 1.9 million customers out of their online accounts in April 2018 and cost the bank millions of pounds.

Parent Banco de Sabadell SA booked a €203.1 million charge stemming from the issue, including €92.4 million in provisions for future customer redress.