RBS Fined $88 Million by U.K. Regulators for Tech Collapse
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Royal Bank of Scotland Group Plc was fined 56 million pounds ($88 million) by British regulators for the 2012 collapse of its computer system that left millions of customers without access to their accounts for weeks.
Britain’s largest taxpayer-owned bank will pay the Financial Conduct Authority 42 million pounds and the Bank of England’s Prudential Regulation Authority 14 million pounds, the regulators said today. The failure affected 6.5 million customers, about 10 percent of the U.K. population.