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UK regulators probing role of TSB's ex-chief information officer in IT debacle

The U.K. Financial Conduct Authority and Prudential Regulation Authority are investigating TSB Banking Group plc's former chief information officer, Carlos Abarca, for his role in the British lender's IT debacle in 2018, The Times reported.

The news comes as Spanish parent Banco de Sabadell SA transferred Abarca back to Spain and named him its digital innovation director, the report said. He was heavily criticized in a report on TSB's technology issues, which has cost the bank £366 million so far, by law firm Slaughter and May.

According to the firm's report, Abarca, who joined TSB in 2015 from Sabadell, had failed to raise concerns over the process of transferring customers to the Spanish bank's systems. The watchdogs' probe is expected to conclude in the first half of 2020, a person close to the situation told The Times.

Abarca was moved to the post of chief technology innovation officer at TSB from the chief information officer role when it took back IT control systems from SABIS in April.