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RBS fine: Financial Conduct Authority on 'serious failure'

Regulators have fined the Royal Bank of Scotland (RBS) £56m after a software upgrade left millions of customers unable to access their accounts.

Customers from RBS, NatWest and Ulster Bank were affected by the glitch in June 2012.

The Financial Conduct Authority (FCA) fined RBS £42m, and the Prudential Regulation Authority fined the bank £14m.

Tracey McDermott from the FCA told BBC Breakfast's Steph McGovern that RBS failed to manage the risks in its IT systems.

  • 20 Nov 2014
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