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RBS, Natwest IT glitches set bad banking example, says Andrew Tyrie

Written on:September 5, 2023
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RBS glitches mar banking system, says Andrew Tyrie

The chairman of the Treasury Select Committee Andrew Tyrie has taken Royal Bank of Scotland to task in a letter to regulators and bank’s top brass, by saying that the computer glitch at RBS, Natwest and Ulster banks, can be a bad influence over banking system.

Andrew Tyrie also called in Royal Bank of Scotland to give out sound explanation to its Natwest, Ulster and RBS customer affected by the IT failures that occurred in June.

The Select Committee chairman also hailed in RBS chief executive Stephen Hester for owning up to the problem and taking immediate action to fix the widespread fiasco.

In his letters that were exchanged between the Treasury committee, RBS and the FSA’s Lord Turner, Andrew Tyrie said, “This episode, and the initial confusion surrounding it, did little for public confidence in our banks. Mr Hester took swift action to remedy the failure; he also took full responsibility on behalf of RBS. He did the right thing. Those affected now need clear and straightforward information to enable them to seek redress”, adding, “Every bank should be checking its IT systems. We need to have confidence that such a failure cannot happen again.”

As Natwest, Ulster and RBS customers still await refunds of the glitches that have occurred in June and July, RBS is still looking into its risk management, contingency planning, and the effect of cost-cutting measures as a part of investigating the happenings.

Countless customers of Natwest, RBS and Ulster experienced erroneous transactions and frauds in the months of June and July owing to the ill-functioning systems. The computer catastrophe had left almost 12 million people helpless as they were unable to make payments.

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