TSB saved from 'disproportionate' fine calculation by regulators

The FCA and PRA have diverged from their usual calculation formula in their £49 million total fine on TSB for its operational failures in the run-up to its 2018 IT upgrade programme.

By Neasa MacErlean

Both regulators state that it would be "disproportionate" to use financial review as the starting point for the fine - and insteaduse a range of other factors about the failure and its impact, including numbers of people affected and the risks taken.