Finance
Barclays’ £7.5 Million Bill Joins Growing List of Bank IT Issues
- UK’s Treasury Select Committee is scrutinizing tech problems
- Nine banks had more than a month of outages over two years
A security guard seen through the Barclays logo inside a bank branch.
Source: Bloomberg
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Barclays Plc’s recent outage was just the latest in a series of issues in banking technology, with customers of major UK lenders locked out of services for over 33 days over the past two years, lawmakers have found.
The Barclays incident alone will result in customers getting as much as £7.5 million ($9.7 million) in compensation, the firm wrote to the Treasury Select Committee. Nine banks including HSBC Holdings Plc, Lloyds Banking Group Plc and Banco Santander SA had at least 800 hours of IT system failures during 158 incidents between January 2023 and February 2025, the committee said Thursday.