IT chaos prompts £56m sanction for RBS Group

The Financial Conduct Authority and Prudential Regulation Authority have penalised the Royal Bank of Scotland, NatWest and Ulster Bank a total £56 million because of an IT failure in June 2012 during an ‘upgrade’, which disrupted vital customer services. The FCA fine was £42m and the PRA fine was £14. This is the first financial penalty from the PRA and the first time the two regulators have taken joint enforcement action.