TSB fined £48m over ‘serious failings’ in IT meltdown

FCA penalises bank after millions of customers were locked out of their accounts for weeks

City regulators have fined TSB 48m for widespread and serious" failings related to the IT meltdown in 2018 that left millions of banking customers locked out of their accounts for weeks.

The long-awaited fine is expected to draw a line under the scandal, which tarnished the challenger bank's reputation and forced its chief executive to step down within months of the botched move to a new IT platform.