Jun 8, 2018

MPs demand tough penalties for financial IT blunders

Finance bosses have come under fire from MPs this week following a series of IT blunders by banks, payment card and pension providers that have caused misery for millions of customers. In evidence to MPs on the committee on Wednesday, Paul Pester admitted that customers had been subject to aggressive fraud attacks following the systems outage in April that locked hundreds of thousands of people out of their accounts. A software blunder also meant 370 customers who wanted to leave TSB found that their regular payments were cancelled because the bank told utility companies and local councils these customers had died, the committee heard. David Aldridge, 58, a Phoenix Wealth customer from Essex, told the Financial Times that the provider had not paid his pension on time for three consecutive months. In response, Phoenix Wealth said it was still "Experiencing some issues with the systems upgrade which is impacting a small number of customers", adding it would "Ensure there is no financial detriment suffered by impacted customers".

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